Tell us, you know, from your perspective, how has client interest in the play trended over sort of the time that you've been watching it, last couple, three years, whatever that is?

Yeah, yeah, no, it's a good question.

I think it's been on everyone's radar for most of the shale revolution in this century, call it.

But in the past several years, you've seen kind of growth explode and it get more relevant.

A big part of the story, we think, and I think that's been corroborated by clients too, is the shale inventory depletion story or scarcity story.

And so, you know, for much of the shale era, it was a story of abundance and growth and it's matured and... as we have written on a lot about you know there's a lot of companies kind of running out of the good stuff 100 oils maybe going to help things go keep going but the desire to find more undeveloped shale resource is increasing And we see that in a variety of ways, one of which is the price at which buyers are willing to pay for new locations in North America.

Internationally, for pretty much my whole research career, my response to the question of, tell me about what's happening, is there anything important or actionable from a market or investment standpoint for shale outside of North America? My answer has been not really.

Or should be interesting to other people? Yeah.

Like what, what do you think is like operationally most relevant right now?

Yeah, I think regardless of productivity degradation of that trend, I mentioned like they are, you know, the broad narrative in North America shale, you could say was the same level of exuberance, the same level of growth and capital flowing in.

then what was one of the main realities that was a huge challenge it was well spacing uh inflated inventory estimates inflated assumptions about productivity um you know through time and parent-child relationships so that whole story that i think you know we did a good job of leading on years ago operators in argentina are you know, acutely aware of it.

And so there's, there's a whole story about it.

I won't go into the details.

We have a lot of research that I'd love to show people if there's interest, but I'd say the short version of that story is we've done a lot of that analysis and And when we show the productivity degradation, there's a hypothesis that it's really related to that.

The short version is it's actually been pretty positive.

on on your your meetings in london so who did you mean you mentioned you met with some bankers some emps uh some investors what was the general kind of vibe in terms of global oil and gas um within each of those cohorts