Joel Hunter: Yes, thanks, Ben, for the question. Joel here. As we exited 2022, our debt-to-EBITDA based on S&P’s calculation was around 5.35 times as we exited the year. As we go forward here, again, the assumptions to get to the 5 times in the next 12 months, our asset sales, obviously, that Francois mentioned that we have a high degree of confidence around to achieve that interim target of 5 times. On a run rate basis, so going forward, nothing changes with the 4.75. That is our ultimate goal here for our debt to EBITDA. That’s going to create additional financial strength and flexibility for us going forward. And that is still our goal. But in the interim, want to get to the 5 times in the next 12 months and then ultimately get down to the 4.75.
Ben Pham: And your funding slide, does it contemplate any equity beyond the DRIP? But I’m wondering to that is what scenarios could drive you potentially to extend the DRIP or even tap to external equity markets?
Francois Poirier: I’m going to take that one, then it’s Francois. There are no scenarios that we can foresee that are realistic that we would be extending the DRIP or issuing new common equity in 2023. We have — we saw a 6% growth in EBITDA in 2022. We see comparable growth in 2023. We have industry-leading low payout ratios of FGFO for our dividend. And when you have $110 billion approximately of assets, there’s a lot of optionality in there for us to realize our divestiture program of $5-plus billion. When you look at those different variables, we don’t see a scenario, and we are resolute actually in not issuing any new common shares beyond the DRIP that runs through June of this year.
Operator: Our next question comes from Theresa Chen of Barclays. Please go ahead.
Theresa Chen: Bevan, I just wanted to follow up on the Coastal GasLink update. With the activities done at this point, what is your confidence in that $14.5 billion number? And what would it cost to go beyond 15.7, if it does go well into next year?
Bevin Wirzba: Theresa, we — towards the end of 2023, we had a significant amount of scope to complete. We accomplished over 30% of construction last year, which was a significant accomplishment for the project, made it very clear what scope is remaining. And we took the time to diligently look through all the execution plans, all the different risks that are inherent in the remaining scope. We’ve developed mitigation plans for those risks and are confident that we’ve incorporated not only cost but schedule risks into our execution plan to deliver the mechanical completion this year. That said, it’s a linear project with some very challenging activities. So we made an allowance for — in the event that we’re not able to achieve, the scope that we have planned this year that we do anticipate that there could be activities that extend into ’24 and ’25, that being restoration and kind of cleanup activities.
In our range of estimates from that 14.5 to 15.7, that 15.7 includes costs that extend well into 2024. So right now, our focus is to safely deliver the project this year for our customers to be ahead of the plan, and we’re confident that we can do that safely this year.
Theresa Chen: And then turning to Southeast Gateway, would you mind telling us what percentage of the offtake goes to Duska versus power gen downstream just given the delays, lack of clarity on the refinery start date as well as the below industry average utilization with the existing 6 Pemex refineries.
Stanley Chapman: Yes, this is Stan. As things sit right now, no volumes are planned to go to the refinery dose focus. So virtually, all of it is going to go to power gen facilities that CFE is currently constructing.
Operator: Our next question comes from Linda Ezergailis of TD Securities. Please go ahead.
