And then the big one are the natural gas to LPG conversions. So that was something that, that has been happening over the last 12 months. And we’re seeing some of the benefits in the volumes in international there. The last thing I would tell you is, I think you dialed in on the guidance we gave around losing around $0.05 to $0.06 this year on the marketing business. So two things, I think there is some timing to that. So we had, as I mentioned, slight favorable in Q1. It’s not going to be a big driver the remainder of the year gave. I think in every quarter, it’s going to be relatively de minimis. And we’re still targeting, that $0.05 to $0.06, which I’ll remind you is about a $0.50 improvement versus the prior year on the, on the marketing loss.
Gabriel Moreen: Got it. Thanks, Sean. I appreciate it.
Operator: Thank you. One moment for our next question. Our next question comes from Julien Dumoulin-Smith with Bank of America. Your line’s now open.
Julien Dumoulin-Smith: Hey, good morning, team. Thank you guys very much for the opportunity here. Maybe just picking up on a couple of things you said. In the preparatory remarks, you talked about 2Q there momentarily ago. Can you elaborate, what would you expect by that point in time to be able to talk to, is the six to 10, some multiple to kind of address at that point in time? And how far would you expect to be on kind of a, revamping both what is core versus non, as well as how do you think about, kind of updating your plans on kind of refining and streamlining the business to elevate cash flow and improve the overall, OpEx profile?
Mario Longhi: I can maybe start around the improving the OpEx profile, Julian, we have already taken some actions that I mentioned, maybe on the last call. So we’re looking obviously at $70 million to $100 million of sustainable reductions. We’ve taken some actions that were late in Q1. So I do want to point out that the impact of those actions were, you didn’t see a significant amount, but that those are actions will continue to drive lower OpEx related to those actions remainder of the year. We have significant other actions targeted for Q2, late Q2 once again, and we’re continuing to drive efficiencies. I think it’s a big thing that Mario brings to the table to ensure that that OpEx trend continues to go down. Q1 is, Q1, we did not see an absolute reduction in OpEx. It was slightly up year-over-year.
The primary driver of that was going to be AmeriGas, and we did make some, I call them investments, but we definitely spent some money to prepare for the winner. I think you’re talking about the, in terms of the, the longer term priorities, I think we need to get through the strategic review. We’ve not revised any of our longer term priorities, whether it be the EPS growth or the dividend, but at the end of the day, I think we want to make sure we get through the strategic review and fully, and as Mario said, we’re in the latter stages and we’ll give you another update in Q2. And then I think we’ll address then some of the, some of the longer term goals that the company had. In terms of the rebalancing of the portfolio, we’ve been very clear that we’re moving more to a higher percentage of NatGas in relation to LPG.
That’s happened already. Obviously, maybe not the exact way we wanted to, but we are more of a NatGas company today than we were, above 60%. And we do anticipate, and I think we’ve been clear, the goal of the company is to increase that percentage over the next few years, and we’re utilizing the strategic review to help us in that effect. So I think, I got to your question, Julien?
Julien Dumoulin-Smith: Indeed, I think you hit a category. Actually, just to follow up and clarify, right? So if 2Q is kind of the bogey for a bigger update here, how do you think about like what’s strategic here and kind of should we expect some level of divestment activity here in the interim, kind of leading up into that, just as you kind of prepared to kind of fully update things?
Mario Longhi: Julien, everything is on the table. That’s what is strategic reviews all about. And you’ll hear more about that when we finish it off.
Julien Dumoulin-Smith: All right, no fair enough. And then just starting to come back to the numbers real quickly on where Gabe was. Do you mind speaking a little bit to the marketing? I mean, I think you were in your response, you said half of the benefit there was due to marketing. I think you guys had only been contemplating roughly a nickel for the year, year or so it seems like you guys are ahead of plan. Is that insinuating that maybe the back half there, there’s some fall off or just sustaining that benefit here through the course of the year?
Mario Longhi: No [indiscernible] definitely clarify. So there was a big benefit year-over-year. The primary driver Julien was last year there were big losses and this year was relatively flat. So the business, as we beg to do the business, the earnings volatility that we’re experiencing is gone and you’re not seeing big chunks. But to directly answer your question, we’re pretty flat. We’ve given the five to six and that was a loss. So you, and some of that is timing. So we do expect it’s not going to be a driver and it’s fairly spread out. If I look at the forecast, between ’22, ’23 and ’24 to have small losses, the remainder of the year, that’ll get you to that five to six cents. But this in Q1 really, really pretty, pretty much a flat business versus a big loss that occurred last year.
