Good points.
Point 1 goes to the heart of the economics of oil and gas investing. The economics and risk and reward of oil and gas exploration and development is far different from those of infrastructure investing. Oil and gas companies make their returns from exploration and development. They own infrastructure if they have to but it is not what they are in business to do. The market applauds oil and gas companies that sell infrastructure.
It is all about opportunity cost.
IMHO DYOR
Ann: Results of Institutional Offer, page-41
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