(no subject)

[timelets]

This looks like a late stage of the cycle, when rent-seeking biz models become more profitable than tech-driven investment.

Mineral owners take home a cut of the oil and gas pumped on their land in the form of royalty payments, often 12.5% to 20% of the value of the fuel. They don’t control the pace of development, but they aren’t on the hook for drilling or overhead costs either, an attractive proposition for investors frustrated with shale companies living beyond their means.
...
The misfortunes of shale companies have weighed on the industry more broadly. Oil-and-gas companies now represent around 5% of the S&P 500, down from nearly 11% just five years ago. A broad index of U.S. oil and gas producers has fallen by roughly half since the beginning of 2015, when the U.S. benchmark oil price was about $53 a barrel. The S&P 500 has gained about 45% in that time.

https://www.wsj.com/articles/as-drillers-struggle-shale-investors-seek-safety-in-mineral-rights-11563814128