1/While we’ve all been bickering about banking contagion, bearish demand, US crude builds/adjustments and how to best play the cycle w/in the cycle… some of the best #EFT follows are bringing attention to an important point. We still haven’t solved the underinvestment problem🧵 2/The latest GoRozen @Go_Rozen commentary makes some great points in this regard. Below are some key excerpts, starting with capex, which remains for the Super Majors at less than half ($/BOE) the ‘07-‘16 period avg.

Consider this my mega thread coming out party 🥳 #EFT. I don’t typically make long threads or comments, instead preferring to spend my time scanning for more data, info, guidance, and articles from from those that I consider much more knowledge than myself in the O&G space. 1/ Before we get started I want to make clear Im not attempting to claim any of the ideas put forth below as my own. It is intended to be more of a summary/combination of recent articles from some of the best minds I’ve been able to find on this platform. 2/