Attacking oil companies good for shareholders.I used to think the constant attack on oil was a negative for the industry. However, consider the idea that it improves shareholder potential. Lower investment and a switch in management mindset to pay debt, buybacks and dividends will be a transformational shift.
Rig count is an interesting data point but no one can argue where we are now versus a while back pre-covid with $70 oil. Facts are facts ROIC is the new world.
While there is the saying history has a tendency to repeat. I think oil companies may now understand the old business model no longer works.
Consider the following
https://oilprice.com/Energy/Crude-Oil/Climate-Activism-Is-Great-News-For-Saudi-Arabia-And-Russia.html