Samir Serhan: I mean, really the team in Europe has been doing an outstanding job. I mean, we deal with all of the challenges in Europe about the war, about energy cost fluctuation. But no doubt about it, the industrial output in Europe is not growing at all. I mean, and that is definitely a challenge that we’re monitoring. But to make – I mean, some of the segments we support is better than last year. We see a gradual improvement in electronics, with some of the customers there. The low natural gas pricing, we see some of the chemical-defining fertilizer business are picking-up activity. Construction is still challenging there, which helps our package business that it’s still really down compared to previous years. So, again measured costs.
David Wong: Okay, thank you. And then in your corporate costs for this quarter, how much was the increase loss from lower equipment sales? And then how much was from increased investment spending?
Seifi Ghasemi: I’d like to turn that over to Melissa to answer. Melissa?
Melissa Schaeffer: So, thank you very much, Seifi. So just to make sure I understand your question, you’re asking what was the additional contribution from our sale of equipment.
David Wong: Just your corporate costs overall, it’s higher than the prior year. I guess, how much was from lower equipment sales? And then how much was from increased investment spending this quarter?
Melissa Schaeffer: Yes. Thank you very much. So I think you asked a great question and I will focus on cost, not just within our corporate segment, but perhaps across our organization. So a portion of our costs are really associated with our good results. We increased our variable pay program across our organization, as our results come in positively. Additionally, like most organizations, we continue to feel the burden of the wage inflation across the organization. Finally, another notable contribution is the fact that we have several plans that are pre-onstream for commissioning phases. This obviously adds to our headcount in preparation for the onstream of those plans, which will add to our cost stack for a period, without support from the program – or from the invoicing of those plants. So those three combined is really where you see the cost increase across the organization.
David Wong: Okay. Thanks.
Seifi Ghasemi: Okay. Thank you.
Operator: We’ll move to our next question from Steve Byrne with Bank of America. Please go ahead.
Steve Byrne: Yes, thank you. Your increased demand that you’re seeing in hydrogen, just curious which of your pipelines are you seeing that from and are these your legacy refining customers or is this from renewable fuel? And would any of those customers justify your installing some carbon capture in the near term to generate some blue hydrogen for those customers?
Seifi Ghasemi: Dr. Serhan, you want to answer that?
Samir Serhan: Yes. Steve, good question. We really see the demand for hydrogen, it’s really significant. I mean, the main driver for us, for our business is – because you know that, we have the biggest network in the world in the U.S. Gulf Coast. That’s really fully utilized. I mean, we have there more demand than we can really supply. And definitely, there is also demand for lower carbon and hydrogen for the renewable diesel refinery. So it’s been really very robust, we see some activity also picking up, the hydrogen also in our Rotterdam pipeline system there. The same thing we see it in Canada, California. So it’s overall really been robust, that mean the demand for hydrogen with also some buckets for low-carbon hydrogen.
