HOUSTON—Nine years into his job as chairman and CEO of Parsley Energy Inc. (NYSE: PE), Bryan Sheffield has become an old hand in the Midland Basin.
Parsley has withstood the two-year blast of A&D that swallowed up smaller, neighboring companies—and spent billions itself expanding its territory, most recently with a $2.8 billion February deal.
“It’s been a wild nine years, with a lot of good luck and good timing,” Sheffield said at the 2017 NAPE Summit business conference on Feb. 15. He sees the Permian Basin continuing to evolve from scattered legacy fields to an oil production standard-bearer.
With private-equity backed companies virtually out of stock, the next wave of A&D could come in the form of cascading mergers that reshuffle the logjam of E&Ps yet again, he said. But, regardless of what deals may come, Sheffield said the Permian is an opportunity for talented landmen.