exothermic

I come from that side (analyst) and am more of an enthusiast on the technical side- so I have always watched Kpler and some of the other newcomers with a lot of interest as you seem to be pushing the envelope compared with a lot of the more traditional commodity research houses which have been doing this for more years (the likes of Eikon, etc).

Curious, there seems to be a 'center of gravity' in new upstarts in the space in France- why is this?

It is becoming a rather crowded space the last few years [1] [2] [3]

[1]: https://www.kpler.com/

[2]: https://www.spinergie.com/

[3]: https://www.refinitiv.com/en/products/eikon-trading-software...

Floating storage levels for crude are already double what they were a week ago [0]

[0] https://uk.reuters.com/article/us-global-oil-tankers-storage...

"Our baseline forecast does not see GDP reverting to its pre-virus levels until late 2021 in the US and Europe." [0]

[0] https://www.fitchratings.com/research/sovereigns/deep-global...

And yet, their operating margin before any growth spend (or G&A) is a meager 20%.

I suppose this has to do with relatively low average occupancy rates? I wasn't able to find occupancy rates on their existing locations in the S-1.

I think it was actually true- I am signed in to two workspaces -- one paid plan and one free -- and only the latter has been unavailable so far.

You are right- I am thinking of the typical royalties paid to private land owners onshore (either 1/8th or 1/4th).

Offshore federal royalties are typically ~12.5-18.5% [1]

[1] https://www.boem.gov/note07062017/

Land acquisition costs are very low in the US (this is done through a competitive bidding process when new tracts are offered).

Royalties to the government are in the 20-30% range on a revenue basis, plus standard CIT.

This is for new land for exploration- e.g. no proven reserves at the time of the sale. If there are known reserves, then the price would be much higher but the government is not typically in the business of proving reserves themselves.