Drill, Baby, Drill’ Hits Wall of Capital Restraint – More like Drill Baby Drill when fiscally responsible!

• Trump will encounter a very different mindset of shale industry executives in 2025 compared to the late 2010s.

• Discipline and a pragmatic approach to balancing production growth with shareholder returns are likely to hold in the industry.

• Large shale companies have curtailed capex and aren’t likely to be incentivized in any way to increase it meaningfully.