“at today’s pricing, we would expect to be able to use any remaining NOLs within the first 3 years or so.”

In context

“f 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 include the NOLs as part of our synergies. But in terms of the synergy, things are progressing really well there, too. We remain very confident of achieving that $500 million synergy run rate within a year of closing, and we see upside to that number. So our activities are now progressing well. As we mentioned previously, we expect this to be a pretty seamless integration. We s”