Jack McClendon

I talk to people on the industry on a day-to-day basis.

I have friends that work for large operators, large capital providers.

I have friends on the service side, friends in private equity, friends in investment banking.

I mean, I think everybody is very cautious right now.

You have a president right now who, on the record, demonstratively, on a daily basis, has shown his disdain and hatred for high oil prices.

A big part of that is I think he kind of sees oil prices as the easiest and most visible way to keep inflation in check, which leads to kind of his goal of getting interest rates down, which is beneficial for a lot of other sectors.

And so I think similar to just about every other industry player here, I think we saw prices go up.

And, you know, this is not some Chinese super cycle like you had in the early aughts.

Right.

Like effectively, you had to you know, the company, the country was industrializing kind of in front of our eyes.

And so you had this step change in demand growth, which, you know, any oil man will tell you that is that is kind of the beautiful increase in prices.

Right.

Versus this sudden, you know, geopolitical driven supply shock when prices rise this fast and this high, you know, it's really kind of not beneficial for anybody.

And so I think the tenor of the industry and the tone of the industry is really kind of wait and see.

I mean, sure, you're going to have some companies that are going to look to put a rig to work, are going to increase CapEx.

But we're just able to pay our debt down a little bit more.

And we're going to kind of cash flow.

And I'm really interested to see kind of where everything settles out.

You obviously had that announcement today that Hormuz has been open.

But if you listen to the Iranians, they've been saying Hormuz is open forever.