News from the energy industry has been gloomy for some 20-odd months, but the sector isn't completely and utterly devoid of happiness.
A full transcript follows the video.
This podcast was recorded on Aug. 11, 2016.
Sean O'Reilly: We've been talking a lot about the travails of the oil and gas industry, over the last, I don't know, 18, 19, 20 months now. Apparently, it is not all bad. Came across this article in The Wall Street Journal about Parsley Energy (NYSE:PE), that I want to talk about, because it's a happy story. Taylor, this is a positive, happy story that's going on.
Taylor Muckerman: OK! Let's hear it.
O'Reilly: I don't know.
Muckerman: Well, so it's production increases.
O'Reilly: I mean ...
Muckerman: Kind of.
O'Reilly: I don't know. They're growing, I guess. These guys are more than increasing production. Only been trading since May 2014. They had an IPO to help pay down their debt. It is now reaching all-time highs and has solidified its founder, 38-year-old Brian Sheffield, as his status as a billionaire. The energy industry minted a brand new billionaire in the last two years. I don't know. I was like, "Wow." That last name, Sheffield, that sound familiar to you?
Muckerman: No. I don't think so.
O'Reilly: His dad is the current chairman of -- drum roll, please -- Pioneer Natural Resources (NYSE:PXD).
Muckerman: He's got some legacy there.
O'Reilly: He's a third-generation wildcatter, basically. What's interesting, in the article it talked about how his dad always harped on him about his debt, his debt load. He'd see him at Christmas and be like, "So, how's your leverage, son?"
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