Jack McClendon

And so, yeah, I mean, I think everybody's just kind of waiting to see where this will settle out.

It's effectively impossible to plan a business, you know, with a price as volatile as it is right now.

Yeah, that's a good question.

I mean, as I said, I hate to use round numbers, but that's just kind of the world we live in.

And I think if you saw a sustainable price above 80 over a prolonged period, maybe call it four to eight months, I think you would see a supply response.

Because there are a lot of shale wells that work at 80 to 90 that don't work at 50 to 60.

Depending on who you talk to in the Permian, there's kind of anywhere between five to 10 years of what you would call core inventory left or economic inventory left.

That's obviously largely a function of price as well as geology.

So a higher for longer price, I think you would see a production response from the industry.

Now, do I think we're going to go back to the days of growing one to one and a half barrels a day?

I don't think so.

But could you see an era where we're growing 300,000 to 500,000 barrels a day?

Yeah, I mean, I think that that's possible.

But as I said, you would need to see prices settle above 80 for a prolonged period of time, I think, to kind of see a supply response.

Because even shale, which is kind of called a –

That's a short supply response, right?

That's about as short as it gets, right?

I mean, you've got, you know, but it's still a four to six month response time, right?

I mean, because a lot of the rigs that you saw kind of start to roll off, you know, basically

that's a six-month lag, right?