Somewhere on a farm – A farmer made national news this morning when he claimed a pile of horse poop in his back yard is worth more than the entire U.S. Shale industry. The farmer claims that he could sell the horse poop for multiples of what any U.S. Shale company is trading for.
“You see that huge pile of horse poop down yonder? I betcha it is worth more than the entire U.S. Shale industry combined. And that includes all of those crappy service companies too!”
The farmer took us around his farm showing us multiple piles of horse poop. “This here pile of poop has been here for a few days. Them flies like it. I reckon I could sell this pile of poop for more money than Energy Transfer LP (“ET”) equity value.”
The farmer stated proudly how he discovers new piles of poop daily. “There is no end to this poop supply. I suppose I could start selling these piles and make hundreds of dollars.”
That evening the farmer listed a fresh pile of horse poop on eBay. The eBay listing has already had tens of thousands of bids. When asked what the farmer will do with the proceeds, he said he plans to bail out the U.S. Shale industry. “Them idiots in the Permian need a good bailing. The least I can do is sell my horse poop and send some of the proceeds their way.”