While that's true, the era of wildcatter fracking being relevant to production in the US are largely over. The majors now entirely dominate the fracking segment and fracking-based oil production. They've gone on an acquisition spree across the past decade and tower over the smaller operators. All you have to do is look at the acres owned by the majors in fracking areas like the Permian vs small operators now (compared to the beginning of the fracking era).

Like this $9.5 billion deal the other day between Shell and Conoco. Wildcatters can't compete at these prices for the most part. They can't afford the real-estate now (in the early days when the industry was asleep and or skeptical they could).

https://www.shell.com/media/news-and-media-releases/2021/she...

The majors bring a more traditional, disciplined approach to pursuing cut-throat production competition or not and have a more consistent, less volatile schedule for capital investment. They're not as sensitive to medium size moves in oil prices when it comes to changing plans.