Although, I've never understood why people expect commodities to trade at their historical norm, without taking inflation into account. Like, would it be expected that a litre of milk would revert to its historical norm, or a litre of bottled water?
Assuming that oil does at least keep up with inflation, and the majority of the total costs of oil are sunk-costs (rather than marginal), then you'd likely assume rising profits over time and a growing dividend.
Woodside, page-308
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