Excellent points, 2in2out. There is another aspect to consider. Starting in 2015, Saudi Arabia began to artificially goose their production numbers to drop the price per barrel, taking less in the short term in order to cause problems for the US unconventional O&G market. They were concerned about massive development in the US, particularly in the Bakken formation in North Dakota, since development of reserves and processing infrastructure in these markets would allow the US to become the largest swing operator for O&G in the world. The end goal was to hobble the E&P companies, preventing them from making profits on their existing development, leaving them vulnerable and unable to capitalize on future runs in the price of oil. Then when the pandemic suppressed demand for oil, many of these E&P companies found themselves in an untenable situation where they no longer had the revenue to pay their financing costs, causing insolvency. Now that the price of oil is back up, they lack the reserves and the financing to allow them to capitalize and the labor is unable to ramp quickly because of the general labor unavailability. The E&P companies don't wan't to ramp quickly either since they are taking advantage of the high price to bolster their positions and try to recover from some of the pain they have been through for the past 7 years. No easy solutions here.