It is evident to me that the current O&G bo-m feels different that any other bo-m in the past.
EM is not investing in finding the next big discovery anymore. Instead it is spending its billion of dollars in profits in share buybacks, in paying back its debt, in The yet unprofitable CO2 storage business, offshoring most technical jobs to low cost countries, and shrinking aggressively its workforce everywhere else.
Every oil bo-m was followed by a bust, and followed by a new bo-m.
But this feels different. It might be the last one.
Are you going to sit there gambling for your future and hoping for this bo-m to last longer and for the following to come fast?
Or are you going to pay attention to EM leadership is so eloquently telling you with its actions and leave before this bo-m is over?
It feels to me that this might be the last bo-m.