Jack McClendon

We've noticed.

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

And I think that that does have, you know, a lot to do with the consolidation in these basins.

You know, the other thing that I'll say, too, and this is why the rig count in a certain extent is honestly, it's not as important, maybe as it's still very important, but maybe not as important as it was five to 10 years ago.

And that's largely just due to the ingenuity of the American oil man.

I mean, you know,

Back when I worked for a shale company, this is in 2015, 2016, we were drilling wells in the Permian Basin.

And a 7,500-foot lateral, which is effectively like a mile and a half, took anywhere from kind of 25 to 35 days to drill.

The industry is largely doing it under 10 now.

So just the amount of time...

it takes to drill and complete these wells is just dramatically shorter than it was even 10 years ago.

People who don't live in the space, I think just do not realize how much more efficient these companies have become at drilling these wells.

Effectively, you can do more with less.

And so, as I said, you know, the rig count is important, but it is less important maybe than it was 10 years ago, just because, as I said, these companies can drill these wells so much faster and get production on kind of so much quicker than they could, you know, even 10 years ago.

But yeah, I mean, I would agree with you that I would say on a whole, I think the industry is probably less responsive to some of these price signals.

And I think honestly, just a big part of it is we've been burned pretty bad three times in the last 10 years.

And so it's kind of one of those fool me once type anecdotes, I guess.

Yeah, people in this industry have a high pain tolerance.

I think there was a saying in the oil patch that the difference between an oil man and a smart oil man is the smart oil man makes his money in oil and gas and then puts it in real estate.

It takes a particularly sick individual to live through these boom and bust cycles.