Works like this: George Soros bought into Pioneer Natural Resources.
Billionaire fund manager George Soros now owns 964,000 shares of Pioneer Natural Resources (NYSE: PXD), one of the biggest players in the Texas Permian Basin.
Soros’s stake is worth about $180 million.
Pioneer also has assets in the West Texas Spraberry Wolfcamp. The company estimates Wolfcamp holds 50 billion barrels of recoverable crude oil.
Pioneer Natural Resources is happy to frack:
Pioneer Natural Resources has placed on production its fourth horizontal Wolfcamp D interval well on its northern Spraberry/Wolfcamp acreage in the Midland basin in west Texas.
The University 7-43 10H, which is Pioneer’s first horizontal Wolfcamp D interval well in Andrews County, had a 24-hr peak initial production rate of 3,605 boepd, with an oil content of 74%. It was completed utilizing a 31-stage hybrid fracture stimulation over the well’s perforated lateral length of 7,382 ft. The well represents the highest horizontal 24-hr peak initial production rate for any interval in the Midland basin to date.
The company also announced that it has placed on production its third horizontal Wolfcamp B interval well in Midland County. The E.T. O’Daniel #1H had a 24-hr peak initial production rate of 2,801 boepd, with an oil content of 75%. The well was completed utilizing a 39-stage hybrid fracture stimulation over the well’s perforated lateral length of 9,229 ft. It represents the highest 24-hr peak initial production rate for a Wolfcamp B interval well on Pioneer’s northern Spraberry/Wolfcamp acreage.
Fracking, of course, is something hated by groups like the Public Accountability Initiative:
The lead author of a recent University of Texas study that suggested that hydraulic fracturing, commonly called fracking, does not contaminate groundwater is a paid board member and shareholder in a company that engages in the practice, a situation that critics are calling a conflict of interest and of which the researcher’s supervisors were unaware.
“The report was presented as if it was an independent study of fracking when, in fact, the study was led by a gas industry insider,” said Kevin Connor, the director of the nonprofit Public Accountability Initiative in Buffalo, N.Y., which reported the researcher’s role Monday.
So, why is George Soros also funding groups like Public Accountability Initiative?
In the interests of public disclosure, the Public Accountability Initiative is a leftwing outfit run by activists including a few on its board who haven’t even finished college yet. Co-Director Kevin Connor, quoted in the Statesman story, has written for Alternet and The American Prospect, both leftwing publications. They are funded in part by the Sunlight Foundation, which is in turn funded in part by the Open Society Institute. That’s George Soros, the billionaire and convicted inside trader. George Soros is far from non-partisan, he is an extremely powerful advocate and funding source for a wide range of groups that all promote leftwing policies. From the Center for American Progress and its idiot sidekick Think Progress to the far left rabble World Can’t Wait, you will find Soros money if you bother to look. Hardly any mainstream reporters ever do.
That’s easy! He’s a screaming hypocrite. As is every group that takes George Soros’s dirty fracking money, now. But you knew that already. As do the environmentalist groups, of course: the odds that they’d give back any of the oil-soaked cash that Soros tosses into the mud for them to scrabble at are somewhat long.
Business is, as they say, business.
Moe Lane (crosspost)