Pioneer Natural Resources (â€˜Pioneer’) and Parsley Energy (â€˜Parsley’) announced today that in a joint effort, their engineers had developed an efficient method to flare oil that can be a real game changer in their ever-present quest to burn cash. The CEO’s appeared together on Jim Cramer’s Mad Money to discuss the initiative.
“Given that natural gas production will likely decline in the near future, we believe there is a real bull case in that commodity” Scott Sheffield of Pioneer explained. “With nowhere to store our oil, we began looking at ways to produce as much gas as possible, and oil flaring turned out to be the answer. After Jim Teague accused us of being in favor of pro-ration to get out of transportation agreements, I’ll be caught dead before selling our oil to guys like Enterprise at a loss”.
Bryan, CEO of Parsley and Scott’s son also discussed the environmental impact. “You know, the wildlife out here in West Texas has grown accustomed to a certain level of flaring. With that number likely to decrease with less activity, we had to find a way to ramp it up again. We are trying to save as many animals as possible by heroically flaring at huge levels.”
Harold Hamm of Continental Resources managed to dial in at the last minute and expressed admiration for the initiative and plans to institute it given his company is producing most of its’ barrels at a loss. Indeed, Jim Cramer was very supportive and recommended that all his listeners buy stock in the three operators immediately.
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