I personally don't expect to see multi billion dollar companies move materially in SP any more on O&G finds.
maybe in the older days, sure, was it easier/shallower?, were the finds bigger? also lower costs to market?
All the easy/cheap O&G is gone.
Once a find is made, time to market is measured in years before cash flows are realized. Until this happens all money flows are negative.
Many risks during commercialization. The best and biggest run significant discounts to reservoir size and value.
It takes a lot more effort to turn a whale then it does to turn a minnow....
I personally don't expect to see multi billion dollar companies...
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