Bryan Sheffield grew up the son and grandson of oilmen (Pioneer Natural Resources) in Midland, Texas
Mr. Sheffield graduated from Southern Methodist University in 2001 with a Bachelor of Business Administration in Finance.
Prior to founding Parsley Energy, he clerked in the Eurodollar options pit at the Chicago Mercantile Exchange and traded short-term interest rates for First Continental Trading, Inc.
Sheffield left Chicago to enter the oil business in 2006.
Mr. Sheffield began his oil and gas career at Pioneer Natural Resources for an annual salary of less than $60,000 in 2006, where he was an Operations Tech monitoring Pioneer's non-operated properties in the Spraberry Trend.
He struck a deal with his grandfather Joe M. Parsley to take control of more than 100 wells Parsley retained when the business he co-founded, Parker & Parsley, merged with another company to form Pioneer Natural Resources in 1997.
Sheffield left two years later to start Midlands, Texas-based Parsley Energy. Its first assets were 109 wells obtained from his grandfather, who now owns 6.5 percent of the public entity, including convertible units.
Parsley Energy sold shares in an initial public offering on May 22, 2014.
The 36-year-old became one of the youngest billionaires in the U.S. after selling 1.8 million of his own shares in the IPO.
Sheffield owns more than 15 percent of the company and another 22.7 million units that are convertible into common stock.
Parsley Energy will pay him and the company’s other pre-IPO owners 85 percent of the tax savings the business received as a result of the offering. If the company terminated this tax-receivable agreement today, Sheffield would be paid about $122 million.
Sounds like Gary has some real estate in Dallas he wants to sell to MHR.
GDP has done rather well in the second quarter. Maybe the TMS driller's stock price will base around current levels before a slow rise over time. If GDP had a very large miss, the TMS would have went into free-fall.
GDP plans to issue its second quarter earnings release before the market opens on Thursday, August 7, 2014.
If they miss big time, HK will go into free-fall. $3.16 is the 52 week low. We could easily drop into the high $3.00.
Expect to get three well results on Thursday. If this goes badly, we'll be in freefall.
HK's stock price is acting as if the Bakken and El Halcon don't exist. Strange....
Currently the average non-development TMS well costs around $13 million to complete. At $95 realized oil, these wells will yield an internal return of somewhere between 31% and 61%.
However, if TMS operators are able to bring well costs down to $10 million, which is indeed the long-term goal, returns will shift to between 62% and 122%.
The Tuscaloosa will go from good to very good. Even at $10 million per well, there is much room for improvement. For example, the average Eagle Ford well costs below $7 million to drill.
GDP has had one well so far you could consider good, the rest are part of the learning curve.
ECA says there wells are performing in line with expectations. They don't want to discuss them thou.
HK first well seems to be "OK" although very expensive. Details of the current well will be available later.
Crude prices are now correcting, putting a little more pressure on TMS drillers.
When the Utica didn't turn out as expected the bottom line was always the same. We were in "early days". It was just part of the "learning curve". Were waiting for "pipe lines". Today the Utica isn't mentioned by HK. These same statements are now being used in the TMS.
You would think if the TMS drillers were getting it right the results would be made available to the press with grand fanfare. Promotion of successful TMS drilling is needed particularly in "early days". Let me guess, they are low balling results so they can lease more acreage on the cheap. I doubt it.
HK trade around $7.50 a month ago. Now around $5.50 even though Bakken and El Halcon results were very, very good. Reason is doubt that the TMS play will work. So far it's smelling like the Utica play.
From Million Dollar Way Blog Site:
"Earlier this morning, a reader sent me a comment telling me that the Halcon CEO said that some of their wells are million-bbl-EUR wells. That doesn't surprise me."
"The real question is when did the oil companies know that some of the sweet spots in the Bakken were/are going to produce million-bbl-EUR wells?"
The North Dakota Industrial Commission has decided to limit natural gas flaring at all wells. According to the commission, any well that cannot reduce flaring at the well by 74% by October will not be allowed to produce more than 200 barrels per day at each well. Not only will this involve preparing new wells to capture gas, but companies will also need to go back to previous wells.
Does anyone know what percentage of Halcon's Bakken wells are currently tied into gas pipelines ??
Does Halcon have the funding and the time to reduce their flaring by 74% before October ??
How could they pay their bills producing only 200 barrels a day at each well ??
The long and short of it was Peterson wanted out. Something had him convinced KOG would have a rough time in the future going it alone. This company has been shopped around for the last two years. WLL's offer appears to be the best. Who knows if there were any others. The total surrender by Peterson was in WLL favor thus yesterdays rally.
"same thing was said when the "Loyal Longs" were buying hand over fist @ $2.00......"
Prove you now own or ever owned shares of KOG...Your pure BS. A while back you stated you bought shares at 35 cents in 2009. A penny stock player makes good.. yea right.
Your a total fraud Welbie... You don't have a clue as to what value this deal is placing on your KOG shares and yet your busy singing the praises of this blind merger. Do you work at being stupid or does it just come natural.
.177 of a share of WLL.....
What time.....which day......which year ??
You don't have a clue as to what value your selling your company for. What will be WLL's closing price on which day that determines the dollar value to be received for your KOG shares ?? You can't have a clue so you can't value the deal so you can't determine if this deal is in your best interest. So is receiving WLL stock instead of cash a good deal for KOG stockholders or is it the only deal ??
I told you, you cannot produce a dollar amount per KOG share to be able to value this deal. Welbie your front-running just like a used car salesman. The KOG stockholder cannot value this deal because there isn't any established value to base the deal on. Again Welbie, what is the value per share for each KOG share that this deal is being based on ??? Without a value per share how do you determine if the deal is fair ???
Your an idiot Welbie... you cannot produce a figure that you will receive per KOG share in order to be able to determine if this deal was fair or not. Your saying how great this deal is without knowing how much per share the stockholder would receive. This deal is a total shame.
The market recognized that WLL bought KOG very, very cheaply. Normally the acquiring company drops in price to reflect the cost of acquiring. Not this time because the stockholders of KOG got hosed, plain pure and simple.
Wake up KOG stockholders. You've been cheated on this buyout deal by your own management. Even Mr. Market understands what has happened and thus the WLL rally. The diehard KOG longs are still in deep denial. They left a lot on the table.