“we certainly expect that Marathon will be using a portion of those losses in 2024 prior to closing”

In context

“our size. So I commend you on your decision on the dividend decision. And I think you only have to look at CNQ to see what I’m talking about. So congratulations on making that decision. My question, however, is on the deal you announced while I was out. And more importantly, the tax benefits, but I don’t think we’re really fleshed out on the Q&A. Marathon has a lot of legacy NOLs. And what I’m trying to understand is how you use that and whether or not that was incorporated into your risk, view [ph] of synergies? And if not, what that could look like ultimately in terms of value? William Bullock: Yes, sure. Hi Doug, this is Bill. Yes, Marathon has, what, $2.8 billion of NOLs as of the end of the year -- last year of December 31, 2023, that’s a tax-affected value of about $600 million. And we certainly expect that Marathon will be using a portion of those losses in 2024 prior to closing, but as you point out, that this is a stock transaction. As such, we’d be assuming Marathon’s tax basis in its assets as well as any of those net operating losses that they have or NOLs. And so just as a reminder, we’re in a full tax cash paying position right now. And at today’s pricing, we would expect to be able to use any remaining NOLs within the first 3 years or so. And so what I think is important about this is that we don’t consider NOLs as synergies. We tend to think about synergies as things that we’re going to be taking action on. So we didn’t bring the NOLs up as part of the deal announcement. But yes, tax benefits are certainly something we consider as part of this transaction. They are real value. Andrew O’Brien: And Doug, this is Andy. And as Bill mentioned, we didn’t inclu”