No, it's not.

Too many focus on earnings reports from significant upstream shale players, pure or not, and fixate on EPS. For 3Q many tight oil players "appeared" healthy even though product prices were down. That's because production for the quarter was way up. Only the oily illiterate think increased production in the tight oil business is good when the sector is burning through its remaining Tier 1 and 2 level drilling inventories like the goal was to Drain America First. At $56 WTI net at the well head. Doomberg is like that. With regard to oil and gas economics he's (it?) is lost in the barnyard.

ROACE is a good tool, a good measuring stick for financial performance. Its single digits for the last two quarters of 2025 and... just wait. Impairments are coming, big time.

If Novi suggests ROACE for 3Q was 9% I can just about guarantee it was actually half that.

By the way, again, generally speaking debt is increasing in the tight oil sector, never a good sign when your assets decline 85% the first 32 months of production life and the SEC says sorry, boys; write what you've got left, down some more...you know how them oil prices are.

So where is the money going to come from to keep growing U.S. oil production, and most importantly, where is the money going to come from to keep drilling tight oil wells for their tight associated gas to feed LNG exports? Like Doomberg cackles all the time? With those sorts of returns on employed capital, why in God's name would you not quit employing it and pay down debt? Its dumb.