Fundamentally the Chinese are to blame... IP theft, slave labour stealing US and other jobs, and many other things that caused DT to take back control with the ensuing trade wars in a nutshell. Then the threat to global growth and subsequently lower oil demand and price. This oil is deep, expensive to extract, and they have had failure after failure with drilling. A lot of money has been wasted and confidence in their ability to execute long term is waining. This TMS area has been largely rejected by the big guys. SP reflecting all this. Find me another reason..... isn't really one IMO.
Presentation, page-89
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