One of the themes that is emerging as we review investment candidates is the era of oil growth, which is at least going to take a substantial pause, if it is indeed, not totally in the rear view. Company after company has told us that “maintenance capex” is all they are allocating at current oil prices. An example of this mindset is Parsley Energy, (NYSE:PE) which reduced its capex budget by 50% year over year. This new era of growth restraint has implications for the world energy market that isn’t reflected in the energy structure at present. Drilling and fracking each picked up slightly from the week prior. Hence the question I pose about seeing the bottom in activity. We saw a bump similar to this once before this summer, and then each category fell back into decline for a month or so. I am not betting that we’ll […]