Tracy Allaway

Sorry, I'm so used to saying shale as a byword for U.S.

oil production.

I get the distinction between the horizontal drilling and what you guys are doing.

Well, I noticed you don't have a poster of Billy Bob Thornton in your office.

However, I asked this question on behalf of Joe.

How accurate is Landman in your experience?

You know, this is exactly what I wanted to talk to you about, which is the capital situation, because one of the running themes on our show is this idea that you can have these boom bust cycles that then like leave a lasting scar on the industry.

And I think coming out of

the bursting of the shale bubble, a lot of energy producers suddenly decided like, well, we're not just going to spend a bunch of money to expand.

We're actually going to pay dividends to our investors.

And it's all about capital discipline and being very, very certain about what we're actually spending on and the return for investors.

What's the capital situation been like for you just going from 2018 to now?

How hard was it to actually convince investors that you're not just going to spend money in an unconstrained way?

And how difficult was it for you to compete with some potentially bigger players who are also fighting for that same capital?

So when the price of oil starts going up, say we're talking late March, early April, and WTI is climbing above 100 and then it hits 112.

What actually happens in your business and what are the thoughts that are going through your mind?

Like, do you suddenly get a bunch of calls from potential investors going, oh, you know, we're interested in putting some money in the company?

Do you start thinking like, well, I need to expand production and maybe ramp up CapEx?

Or are you just sitting there waiting to see what actually pans out with the Gulf situation?

How does it all work?