Energy Equity Analyst's Takeaways From a Super Vol Cycle

I'm very encouraged about when I look at sort of all called the publicly traded universe of mostly Western major oils, independent producers, refiners, services. The whole bucket of traditional energy companies is doing much better than it did 20 years ago where cap ex was skyrocketing and companies were starting to erode returns. At around $70, $75 WTI, this industry is going to have at least a 15% return on capital, which is an outstanding number.