So when you combine that data along with our significant operated by others portfolio and then the learnings in our mature development in the Eagle Ford and the Bakken, that’s really helped us hone in on the best development approach of the stack. So in summary, Steve, if you look at our production performance at or slightly exceeding type curve expectations, combined with the development strategy, we’re very confident in our long-term outlook for these assets and we will update you more at AM.
Steve Richardson: That’s great. Thanks. I really appreciate it. I mean if I could €“ just one quick follow-up, Nick. Could you just address the 25,000 acres of swaps and coring up that you mentioned this morning, I would, I mean one of the questions, I guess, is…
Ryan Lance: No, we didn’t catch your question. Thanks.
Steve Richardson: Sorry, I must be the phone line. The question is on the €“ you have the 25,000 acres on the core up. And I’m just wondering if you could address, Nick, how much more to go is there on that side? And where are you just looking at the checkerboard of the map down there?
Nick Olds: Yes, Steve. Maybe I’ll just go back for the whole audience on what we’ve done in that space. We’ve been very focused on the acreage optimization, as you mentioned on trades and swaps. Last year, we completed 15 trades and that gives us a total about 25,000 acres since the Concho transaction. Now a couple of points I just want to address. These core ups have doubled the average lateral length of more than a year’s worth of inventory, that’s at our current level of drilling activity. Now the ability to drill extended laterals greater than 1 mile can reduce our cost of supply by 30% to 40%. So that’s significant. Now to put that in perspective, Steve, our quality position in the Permian has an inventory with roughly 60% of our wells that are greater than 2-mile laterals, 60%.
And then if you look at 1.5 miles or greater, that’s an additional 20%. So that’s a robust inventory that we have out there. Now if you will continue to, as you mentioned, the core up in 2023 through acreage and swaps there, but we’ve got a significant deep robust inventory with those longer laterals.
Steve Richardson: Thanks so much.
Phil Gresh: Great. Thanks, Steve. Michelle, next question.
Operator: Our next question comes from John Royall with JPMorgan. Your line is open.
John Royall: Hey, guys. Good morning. Thanks for taking my question. So my first question is just kind of a broad one on the upcoming Investor Day. You guys haven’t done one for several years. Anything on what we can expect from the presentation in terms of the longer-term plan or maybe a breakdown of certain assets or projects. So just any color on that would be great?
Ryan Lance: Yes, John, thanks. So we €“ I think we will show how we’re pretty excited about where the company has gone. We’ve got a better plan. It’s the strategic and the financial plan of the company are got better duration, better depth, and we will show that to you what it means for the company for decades to come. I mean €“ so we’re pretty excited about where it’s at. We will do a deeper dive into where we’re at in the Lower 48, our global portfolio as well as the LNG business that we’ve been developing here over the last 1.5 years. So look forward to sharing kind of our excitement around our plans, where it’s headed and just the quality of what we’re doing both strategically and financially.
John Royall: Great. Thanks, Ryan. And then just a question on the guidance for 1Q production, a little bit below the full year guide and you guys called out the maintenance number there. But maybe just some color on would be helpful. on how you expect production to phase in throughout the year? Should we expect it to be more back-end loaded or maybe more towards the middle, given the later 1Q?
