Subject: Re: Pabrai: Berkshire Oxy Investment
Here's Bloomberg with more reasons to be optimistic about oilco's concentrating on returning cash to investors rather than ploughing it back into production:

What emerges from the M&A will be Shale 4.0. It will be dominated by larger but slower companies like Exxon and its archrival Chevron. The end of the oil production boom isn't the end of the industry. It will just change personality: becoming more pliant to the profit motives of Wall Street. Indeed, less output growth means better returns for the stockholders of the shale companies. As tobacco proved years ago, reducing capital expenditures ' thereby freeing more cash for shareholders ' can be very profitable.

https://www.bloomberg.com/opin...

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