Tell me you've never looked at E&P cap structures and business models without telling me you've never looked at E&P cap structures and business models. https://twitter.com/mattyglesias/status/1443985768616185857 …
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cf “airlines are an oligopoly who keep fares up and capacity down to make above-market profits whoops they’re bankrupt again”
right, but the thing is the shale cos. haven't had free cashflow in >10yrs, it isn't exactly news that the hyper-growth model wasn't sustainable under ~$80/bbl the HY-financed drilling binge persisted for so long that it threatened the solvency of the industry even pre-pandemicpic.twitter.com/3WsDJz7IgK
