Oil prices have rocketed past US$80/bbl, but Permian rig activity doesn’t fully reflect it. We chronicled the inelastic activity response in detail when it first began in 2021, but the disconnect between prices and operator budgets is even more pronounced now. We outline ten reasons why growth this year remains disconnected from historical rates. A combination of lingering balance sheet concerns, development patterns in the field, cost inflation, tight labor, and the strong need to not deviate from 2021’s successful playbook all compound on one another. Energy transition pressures play a role in the restraint, but are muted compared to their impact on global upstream spending elsewhere.