[vonklaus]

I think you are correct relative to each specific industry, i.e software projects require more developers and server space at scale so they cost more to run BUT, that opex is low relative to the energy industry.

Tools and automation get better while all computer resources become less. oil operating costs likely dwarf a comprable SASS conpany in operational expenses.

edit

to clarify, opex in software becomes more expensive in aggregate. i can't think of a good business that has dropping opex as it scales except maybe Enron or a chainmail referral company. Energy companies do have high barriers to entry with a much lower opex after infrastructure has been developed, but software isn't neccesarily the opposite. If we compare a built out production application, outside of beta, with a decent userbase and its core purpose/features implemented, with a nuclear plant or oil refinery, the costs to rub the app is almost certainly lower than the energy comps and could possibly have opex held fairly linear relative to growth.