Yes. This is Toby. So, I can walk through the hedging and thought
process behind it. So, you will see we have added approximately 650 Bcf
of swaps. And if you take the Alta volumes that we inherited, that was
about 150 Bcf. So, you got about 500 Bcf that we are really thinking
through what’s the best way to get our hedges and meet our strategic
goals that allow us to strengthen our balance sheet, reach our leverage
targets and be able to start returning capital to shareholders. We have a
view that we take when we make these decisions, and our view was closer
to $3. I think when you look at the swaps that we did for that period,
it was closer to $3, which aligned with our view. But the question is,
why not collars. The use of swaps really solidifies the free cash flow
from those hedges, which has the effect of improving our floor, very
helpful with the rating agencies to underwrite the free cash flow that
we have to assist in us regaining our investment-grade balance sheet.
The next question is, well, why not just do puts, and we looked at that.
And at that price, at around $3 NYMEX, to put a put in place, the
premium would be anywhere from $0.25 to $0.45. So, to put a put in place
and give exposure to upside, you are really taking a view that gas
prices will be $3.35 and $3.40. That was not in line with our view at
the time. We did not account for the weather events there. But that was
the thought process behind the decision that we made on the hedging.