Roger Perreault: Yes, let me kick that off. Yes, a couple of things to keep in mind. When we went into 2023, Cameron, we saw a very severe driver shortage. And we’ve talked extensively about that throughout the year. That did lead to customer losses and what we’re seeing going into 2024 is kind of the tail end of that, right? We’re seeing a continuation of volume that really is lost from the driver shortage issue we had at 2023. So it’s a lingering effect. When we look at the elevator — the OpEx we put into the business, that OpEx was very focused on ensuring we have the right number of drivers going into fiscal 2024, service tax, frontline employees, ensure that we are delivering the promise we make to customers. What we are seeing and we continue to see an improvement in this throughout the summer and leading into the winter is good progress on on-time deliveries, good progress on improving zero fills or minimizing zero fills, good progress on inefficient fills and that’s thanks to the fact that we now feel very good about the staffing levels we have going into 2024.
Now that’s — that did put pressure on OpEx and that is why we also are very focused on the $70 million to $100 million of expense takeout, because what we’ve done is, we’ve put OpEx in more customer-facing areas. And of course, we’re very focused on taking and controlling costs that do not impact the customer experience. So what we’re seeing going into 2024 is some lingering effects from that. As Sean mentioned, we are — we are confident that we’re going to see some improvement in that, but it is going into the year with still a negative trend, but smaller than what we saw in 2022 to 2023.
Cameron Taylor: Got it, got it. Okay, thanks, that’s super helpful. Maybe pivoting here just to the strategic review. A few questions here. One, just want to confirm that I understand that the review is LPG focus on AmeriGas, but just to what extent is International also being kind of lumped in here? And than what are some potential avenues you guys are thinking about as far as the International LPG business goes? And then related on Midstream, obviously, strong year. That’s been a good business for you guys. What’s the potential for any kind of Midstream assets to enter into the strategic review just in terms of just — how are you guys thinking about the go-forward business on that side of the house as well?
Roger Perreault: Yes. So a couple of things, and I’ll encourage Sean and Bob to add commentary [indiscernible]. So, the strategic review is really focused on LPG businesses. So we were very deliberate in that focus, with a focus on AmeriGas. What we see is a focus on AmeriGas as the area that would have the biggest impact on shareholder value. Right. The whole process of us launching strategic review was really to commit to unlocking and maximizing shareholder value. And where we see that potential is with a focus on AmeriGas. Now, that being said, we remain very open-minded on the strategic review process and really, again, with an eye on what’s going to unlock shareholder value the most. So we’re not eliminating ideas from the process, but we are wanting to ensure that we’re very clear that the strategic review is LPG businesses with a focus on AmeriGas.
Which then leads to your second part of your question, which is Midstream. And — in the Midstream part, I mean, Midstream has been and is just a phenomenal business. Right. This is a business that continues to show very nice progress on vertical ratios, on ability to control costs, and a very effective shift to more fee based contracts, right? More fee based structures. So a business model that is very robust, with a very good relationship with LDCs, including our regulated utility, and with some good opportunities for continued growth and investments, as we continue to provide that essential service in Pennsylvania to move molecules from various sites to LDCs, et cetera. So we see Midstream as a very core business. It’s a business we are excellent at, like we are at operating a regulated utility.
So that’s going to continue to be a focus. And as you can see in our thesis that we talk about in our fiscal 2024, we continue to allocate more and more capital to that natural gas business.
Robert Beard: Yeah. Cameron, maybe to add just one quick point. Roger talked about the strategic review. The overall goal of the company, which the review is helping us is to, we want to be a bigger — have a bigger Nat-gas presence than LPG. I think we’re sitting in that 60 to 40 range currently now, when you look at sort of the composite of the company, and I believe we want to grow the Nat-gas portion of that in the future. So a lot — you mentioned actions overseas, obviously, the exit of the EM business that the company has been doing and other things that we’re looking at. Just keep that in mind that the goal is to be a much more weighted Nat-gas company in the future, and we’re well down that path already.
Cameron Taylor: Got it. Thank you. And then just. Sorry, if I could squeeze one more. The asset sale that’s included in the AmeriGas segment of $21 million. Can you comment on what that was, when that took place? I may have missed that, what exactly was that?
Robert Beard: Yes, so a couple of things, Cameron. Those — we have — in the AmeriGas portfolio, there are asset sales that occurred — that have occurred. They’re pretty common throughout the years. That one occurred in Q4 — late Q4. So that’s — so you didn’t miss it. So this is the first time we’re talking about it. But it was planned. It was in our guidance ranges, and those are common. And we have some in our guidance ranges for 2024 as well. It’s something that we constantly are evaluating, some assets and some of the land and some of the facilities that we have in the AmeriGas business every year.
