Lower 48’s largest E&P conference was back in force in February 2022. More than 6,000 energy professionals gathered to brainstorm deals, compare and contrast upstream tight oil strategies, and work to answer some of the hardest questions facing capital allocators. Pptimism from US$90/bbl WTI enveloped discussions, but continued capex restraint put a damper on turning ideas into upstream action. Consensus is strong that ESG spending will increase soon, specifically including investments to improve emissions measurement. There was some deal interest, but mainly for targeted wellbore opportunities in big tight oil basins like the Permian and Bakken – nothing around large undeveloped acreage packages. Private E&Ps had a significant foothold at the show, contrasted against some large public companies not in attendance at all. The arbitrage gap between privates advantageously drilling at high prices versus publics holding a capex ceiling was on full display.