Oil exploration and development capex has been low and has remained below levels we used to see during similar boom cycles in hydrocarbons.

The picture is no different in midstream where total industry CAPEX in NA is at 2011 levels with the dominant players in the space accounting for a large portion of it.

I will publish a write-up on Energy Transfer at the end of next week, so be sure to subscribe on my Substack. $AMLP