04. Volumes, Prices & Costs The first part is volumes. What will the oil and gas wells produce in the future? That is subject to engineering. Geology as well. We can do lots of work to try to define that part of the equation. The second part, prices. The prices do not follow science, they do not follow physical laws. They tend to be, if not chaotic, mean reverting in any event, but erratic. But prices and costs have just as much impact on the revenue of the business. Because, of course, revenue is volume times price. Volumes go down, follow science. Prices go up or down, follow sometimes irrational patterns but have just as much impact on the business. The third component costs. These are the costs first that we spend to acquire the cash flow, the capital costs. And second, the costs that we incur on a month to month basis to continue operating. To continue receiving the cash flow stream. Volumes, prices, cost, each with some subsets. But that wedge in the middle that's left over, that is our net cash flow. That's the money stream that we receive to compensate for the money that we've payed at the beginning to get it.