Oil Price, page-1127

Their balance sheets were geared and a train wreck. Their high valued assets in the ground were now stranded and for too,many no longer an asset, and written off. Some had a high pay dividend policy and put that ahead of buying additional assets.

The oil glut was so severe, and is still in evidence that justifying new purchases ie land banking could not be justified to shareholders.

I can see little evidence of significant oil field purchase or land banking over the last 3 years, including this year. Some of the majors have moved the bias from Oil to Gas.