YouSaid · the spoken record

Jack McClendon

lines on the record: 37
first: 2026-04-20
most recent: 2026-04-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Soil and put it in your car, right? It's got to go to a refinery, it's got to get broken down into kind of various products, and you need different blends of crude oil to be able to do that. So we still do import some crude from other parts of the world, whether it's Venezuela or the Middle East or Canada or Mexico that's blended together to kind of make the products that power the modern world. you know, just the fact that we're not worried or running, talking about running out of oil anymore, I think is just a tremendous achievement that I just people don't kind of talk about enough. And I think they should.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, you got to have a high pain tolerance. But I think the other thing, too, is that everybody in this industry really believes in what they do. And we create and we produce a product that powers the modern world. And so I think there's a tremendous amount of pride in that as well too. And I don't think you'll talk to anybody in the industry that does not feel just an enormous sense of pride in what we do. And, you know, I think someone said this to me once, and I firmly believe in it. And they said, you know, Jack, one of the things your dad did that I firmly believe in is, you know, without the shale revolution, there would have been a lot more wars. And I really do believe in that because I think that this resource abundance that, you know, we've kind of largely taken for granted over the last 10 years has prevented a lot of conflict, believe it or not, because, you know, America is largely, we're not wholly energy self-sufficient, right? There are different blends of crude. We largely produce one type of oil, which is called light sweet. You don't just produce...”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, people in this industry have a high pain tolerance. I think there was a saying in the oil patch that the difference between an oil man and a smart oil man is the smart oil man makes his money in oil and gas and then puts it in real estate. You know, it takes a kind of a particularly sick individual to live through these kind of boom and bust cycles. Yeah, what I will tell you though is that we are resilient and everybody in the industry firmly believes in what they do. And I think that's a big part of it, right? I mean, you're talking about extracting a substance from under the ground that literally powers everything in our world, right? I mean, I think there was, I read some quotas in an article that, you know, without new oil and gas production, if we just were to basically shut off oil and gas development and production, that 60% of the world would starve in six months. And so, you know, I think that there is obviously a little bit of...”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“These companies have become at drilling these wells. And so effectively, you can do more with less. And so as I said, the rig count is important, but it is less important maybe than it was 10 years ago, just because, as I said, these companies can drill these wells so much faster and get production on kind of so much quicker than they could even 10 years ago. But yeah, I mean, I would agree with you that I would say on a whole, I think the industry is probably less responsive to some of these price signals. And I think just, I think honestly, just a big part of it is, you know, we've been burned pretty bad three times in the last 10 years. And so it's kind of one of those fool me once type anecdotes, I guess.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think that that's right, and I think that that does have a lot to do with the consolidation in these basins. The other thing that I'll say too, and this is why the rig count in a certain extent is honestly, it's not as important maybe as it's still very important, but maybe not as important as it was five to 10 years ago. And that's largely just due to the ingenuity of the American oilman. I mean, you know, back when I worked for a shale company, this is in 2015, 2016. We were drilling wells in the Permian Basin, and 7,500 foot lateral, which is effectively like a mile and a half, you know, took anywhere from kind of 25 to 35 days to drill. The industry's largely doing it under 10 now. So just the amount of time it takes to drilling complete these wells is just dramatically shorter than it was even 10 years ago. And I just, people who don't live in the space, I think just don't do not realize how much more efficient.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I've got young kids and working on growing a business and just politics is increasingly a pretty nasty game, especially in the country as polarized as ours.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Louisiana. I mean, New Mexico, I guess, is a democratically run state. The parts of New Mexico where the oil is produced are very, very conservative. And so, yeah, you know, I would tell you the politics are tricky because obviously oil country overwhelmingly supports Trump. But I also think behind closed doors, there's a lot of frustration in the industry of Trump actively kind of trying to jawbone oil prices down. I think that there are a lot of people that wish that, you know, as I said, I hate to kind of bring landman back up that we could just kind of find some happy price equilibrium, whether it's 70 or 75, you know, not 55 or 50, which I think was kind of what they said as their target price, but not 90 or 90.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't belong to any country clubs in Fort Worth. But yeah, and I'm going to try to use my words carefully here. There's no surprise that most of the oil production in this country is done in Republican states, right? I mean, Texas, Oklahoma.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“The Republicans are very pro industry, but they're actually very bad for the industry. And that's kind of largely a function of some of those regulations. So I'm not going to say that they don't play an impact. I mean, there certainly is an impact. And, you know, to the extent that the Biden administration or some of the other Democratic administrations have been more punitive to the industry, that does effectuate a supply response. That is largely beneficial to the industry. But I would tell you, I think for the most part, those regulations matter, but they don't matter nearly as much as what the price of the commodity is and then the cost of the inputs is. I mean, that's ultimately, as I said, that's an exponentially more important factor than, you know, whether or not there's $50,000 acres in Wyoming that are now open for drilling that weren't open for drilling.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, I mean, I think it certainly helped, but for sure, I mean, Price is an exponentially higher dictator, you know, of whether or not somebody kind of chooses to drill. Yeah, I mean, as I would say, there's the old saying in the oil patch that Democrats are actually very good for the oil and gas industry, but they're anti-industry.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's about as short as it gets, right? I mean, you've got, you know, but it's still a four to six month response time, right? I mean, because a lot of the rigs that you saw kind of start to roll off, you know, that's a six-month lag, right? So you had the liberation day tariffs where prices kind of cratered from, you know, 70 to 57. And then we've kind of bumped around the 50s or 60s. But even decisions that get made in April got made in April and May of 2025, you didn't really start to see the rig and supply response for four to six months later. And that's largely kind of the turnaround time here. And so, you know, as I said, I think you would need to see higher for longer prices for the next couple of months for us to see a meaningful supply response. But, I mean, and this is kind of the consensus view of most of the sell side oil research analysts that I follow as well too. But, you know, as I said, never underestimate the engineer.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Depending on who you talk to in the Permian, there's kind of anywhere between five to ten years of what you would call core inventory left or economic inventory left. That's obviously largely a function of price as well as geology. So a higher for longer price, I think you would see a production response from the industry. Now, do I think we're going to go back to the days of growing one to one and a half barrels a day? I don't think so. But could you see an era where we're growing 300 to 500,000 barrels a day? Yeah, I mean, I think that that's possible. But as I said, you would need to see prices settle above 80 for a prolonged period of time, I think, to kind of see a supply response. Because even shale, which, you know, is kind of called, that's a short supply response, right? That's about as short as it should.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's a good question. I mean, as I said, I hate to use round numbers, but that's just. Of the world we live in. And I think if you saw a sustainable price above 80 over a prolonged period, maybe call it four to eight months, I think you would see a supply response because there's a lot of shale wells that work at 80 to 90 that don't work at 50 to 60”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Do not They do not. You know, you were starting to see some fuel surcharges on some of those bills. I would imagine if you settle back in the 70s or 80s, those are going to kind of go away. And part of that is kind of tongue-in-cheek, right? The operators always play a game with the service companies. So it remains to be seen, as I said, there's just so much noise in the market right now. I mean, I can't remember the last time we ever lived in an era where, you know, a tweet could move the price of the world's most liquid commodity five to 10%.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Know we're going to kind of cash flow. And I'm really interested to see where everything settles out. You know, you obviously have that announcement today that Cormuz has been open. But if you listen to the Iranians, they've been saying Hormuz is open for the last six weeks. You just, you know, you got to play by our rules and you got to pay by the Iranian Republican Guards rules. So I'm not quite sure what has changed. But I tweeted this out a couple of days ago. You know, the market kind of clearly thinks that the war is over. And, you know, you're kind of seeing that wash today in prices. And so I just, it'll be interesting to see where prices are going to settle out. I don't think we're going back to the 50s or 60s. Are you going to see, you know, to get back into land man? Are you going to see that sweet spot at 75, that would be a better baseline for us than 65 and 60? And so to reiterate what I said earlier, I think the industry kind of in a wait and see mode.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Down, which is beneficial for a lot of other sectors. And so, you know, I think similar to just about every other industry player here, I think we saw prices go up. And this is not some Chinese supercycle like you had in the early Ops, right? We're like effectively you had to, you know, the company, the country was industrializing kind of in front of our eyes. And so you had this step change in demand growth, which any oil man will tell you, that is kind of the beautiful increase in prices, right, versus this sudden geopolitical driven supply shock. When prices rise this fast and this high, you know, it's really kind of not beneficial for anybody. And so I think, you know, the tenor of the industry and the tone of the industry is really kind of wait and see. I mean, sure, you know, you're going to have some companies that are going to look to put a rig to work are going to increase CapEx. But, you know, we're just able to pay our debt down a little bit more.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, the service companies aren't dumb. The chemical providers might say, well, this chemical you use is xylene you use is going to go from 20 bucks a gallon to 40 bucks a gallon because I know you can pay it because I have a computer and I can see what the price of oil is as well too. So what I would tell you, and these are in conversations I've had with a lot of other people in our industry, I talk to people on the industry on a day-to-day basis. I have friends that work for large operators, large capital providers. I have friends on the service side, friends in private equity, friends in investment banking. I mean, I think everybody is very cautious right now. You have a president right now who on the record demonstratively on a daily basis has shown his disdain and hatred for high oil prices. You know, a big part of that is I think he kind of sees oil prices as the easiest and most visible way to keep inflation in check, which leads to kind of his goal of getting interest rates.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Rise in costs obviously not as high, but costs go up. I mean, oil and gas service providers aren't dumb, right? You know, they see the price of oil go up 20 to 25%. They're like, well, your day rate on a workover rig has just gone from 175 to 200.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Those are really good questions. I mean, obviously there's excitement, right? Because when a price kind of jumps like this, obviously your costs don't rise in tandem. So that is profit on top of everything. What I will tell you in 2022, last time we had elevated pricing, and that was largely kind of based on the fear of supply loss that never really happened, right? You know, everybody was saying the Russians were going to lose $3 to $4 million barrels a day. And, you know, we need prices to kind of stimulate more production. So everybody got really excited. Everybody got to work. You know, I will say for a company our sized, we authorized a fairly large capital plan because, as I said, I thought that there was some bite to that bark. And what happened was I authorized everything in May of June when oil was at 100. And then first production came on in August and September when oil was back to 70. So, you know, you had this big rise in prices.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Reserves you have that are not currently being produced. And they'll ask for a little bit of upside. So whether that's in the form of like an overriding royalty payment. So just think about that as like basically just a cut of the revenue. It's like similar to like a royalty deal deal in music. So for every barrel that gets produced, maybe they get a little bit of percentage. And this is obviously after they've gotten their money back. And so the way the capital works for my business is not all that dissimilar to the way capital works for larger businesses. As I said, it's just there's a couple of different ways to play the space, but traditional equity investment is pretty similar to even the larger kind of private equity investments.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“And then there are some of these alternative firms, and so these are more kind of structured credit providers. There are some that largely just operate in the energy space. And, you know, you're paying $400 to $500 basis points above what you would pay a bank, but they're willing to lend a little bit more aggressively against the collateral. Maybe give you a little bit more credit for.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, that's a really good point. I mean, largely what I found is on the equity side, it is similar to traditional private equity, right? But money is invested and then you get money back plus a rate of return and then you have a waterfall structure, which is based on return to capital. And that can be either kind of based on an IRR basis or on an ROI kind of absolute return of capital. I've seen it both ways, but that's kind of largely the way that the equity capital works. So it is actually pretty similar to a lot of the traditional private equity firms. You know, on the debt side, it's largely bank capital, which, you know, is kind of seven to eight percent.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Private equity capital, right? So you have really kind of four to five large energy private equity-backed firms, most of them in Houston and Dallas. And, you know, they wield large sums of capital kind of in the nine, you know, nine to ten figure range. And for the most part, that's who's backing shale. You've got to have scale now. It's a consolidation game. And yeah, it's different from my company where we're largely kind of talking to family offices, alternative investment vehicles, you know, people who are looking to put smaller quantums of capital to work, you know, to kind of find a unique way to play the space. Because really for these larger companies, it's the Permian or Bust, right? I mean, that's really kind of the story.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Three crashes really in the last 10 years. And so investors really are kind of holding everybody's feet to the fire on that. And then I'll say is kind of as it pertains to my business, you know, as I said, there are a lot more of my businesses than there are of large shale companies. I mean, this is the business of operating older oil and gas assets, right? And like any business, when things are older, they break more. And so, yeah, no, it's difficult and it's challenging, right? Because you have a lot of volatility and you're dealing with wells where operating costs are higher, right? We move more water, so I need more electricity per well to move more water. Our operating costs are higher. And so you've got to do a little bit more convincing on that cost discipline side when you're raising capital. But what I would tell you is that the pockets of capital that I'm kind of talking to are going to be very different than the pockets of capital that the larger shale guys are talking to. I mean, for the most part, the large shale companies are either publicly traded. And so you're talking to, you know, people that invest in public markets or their large institutionally.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“To lots of kind of mid sized companies, there's really only about 10 companies that actually matter, right? As far as the publicly traded companies go. And the two biggest ones who have really kind of started to corral the market for shale are Exxon and Chevron, right? And those guys have massive, massive balance sheet, integrated operations. And yeah, I mean, you just, you know, it's just a little bit kind of different. There's still a cowboy element to it for sure. But yeah, I mean, I think in order to attract capital, the industry has had to show discipline. And I think we've done a pretty good job of doing that over the last two years. I mean, kind of the days of a million barrel a day growth year over year are largely gone. And some of that is due to geologic constraints, although, you know, I will reiterate kind of never to underestimate the ingenuity of the American oil man. But I think another part of that is obviously due to capital. And, you know, you've had.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Break that into two parts. I think the industry has had to do a lot of explaining. And a lot of, you know, there's been a lot of kind of show-me, investors wanting to see that there actually is going to be some capital discipline. And I think if you look really over the last two years, we've seen that. I think even with this latest price spike, you've seen that. I mean, people aren't rushing to deploy rigs. I mean, you've had one large company, continental resources, you know, one of the largest private companies say they're going to increase CapEx. But I think for the most part, the industry has been able to attract more capital by actually showing that discipline. And I think part of that too is just you've had a lot of consolidation in the industry, right? I mean, when I was first getting started as an investment banking analyst in 2008, I don't have the number off the top of my head, but it felt like there were 70 to 80 kind of publicly traded companies. And, you know, now, I mean, with all due respect.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, sure. I'm happy to do that. And I won't tell you anything that you guys maybe haven't already heard, but cost in general, our costs are kind of allocated into two buckets, right? You have your operating expenses, which are kind of fixed in variable costs. Those are the day-to-day costs to run a business, whether that's paying your people who are actually out in the field, you know, the cost of chemicals to treat your wells, the prices you pay for electricity to power your wells.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm an imperfect narrator for that as well because I will admit that I have not watched a show maybe as religiously as other people that have watched it.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, there are certain aspects, obviously, that famous windmill speech that he makes is how a lot of people, a lot of people in our industry feel, and I believe it's the truth. A lot of it is obviously there's plenty of exaggerations. I don't know too many landmen who have had a gun held to their head from a member of the cartel. There's a lot of truth in the industry.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it's not part of this collection, but I did inherit a lot of his loves, and one of them is I also love maps. That's an old map of Texas and Oklahoma, which was Indian territory back in the 1800s. I think that map was, I think this map was made in like 1870. So I do really appreciate vintage maps. And so, yeah, you'll see that in the back. And that may be particular to the oil and gas industry as well, too, because any good oil, man, if you walk into a conference room, they're going to have maps up because you kind of got to know where you're drilling and what acreage you own. And as you said, there's probably a lot of that in land man.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“That's fair, and the majority of oil production in America right now is from shale. Yeah. You know, the largest conventional fields are largely in Alaska. You guys just mentioned the North Slope. Most of Alaska is conventional. But, you know, the Permian Basin and a lot of the other big Shale Basins. I mean, that's where the majority of the oil comes from these days. I mean, out of that 13 million barrels a day, at least five comes from the Permian, and that's mostly from shale. So I think it's fine to kind of conflate the two, to be honest. That's where most of the capital goes, and that's where most of the oil comes from.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Segments of the company that do not realize how much this has transformed our country. We've gone from producing anywhere from 5 million barrels a day. Now we're the largest oil and gas producer in the world. We produce more oil than any company in the world. And so, you know, it's just, it's kind of gone unnoticed. And so I wanted to kind of get out and bring that up.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“So I kind of grew up in the shale space. My father obviously played a pretty instrumental role in bringing shale gas and shale oil kind of to mainstream America. You know, I'll remind you back in 2005, and it's kind of hard to believe now, that there was a lot of fears that America was actually running out of oil and gas production. I mean, I think it was as early ago as 2004 to 2005, the country was only producing about 5 million barrels a day. And, you know, importing anywhere between 19 to 20 million barrels a day. And so there was real concern and really, really some fears of what happens if, you know, oil runs out. And lo and behold, we have this shale revolution and one of my favorite quotes is never underestimate the ingenuity of the American oil man. And I just think it's a testament to the tenacity and grit and intelligence of our industry, largely maligned by a pretty big”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“We operate largely conventional reservoirs, and so the way to kind of think about it is shale is what is called unconventional. So conventional reservoirs have much higher porosity and permeability. They are actually much better reservoirs from a geologic standpoint. And so for the most part, you'll hear it in the industry parlayance. Those were the easy reservoirs to find, right? If you go back to like the 1920s, 1930s, you know, drilling a field like the Yates field, which is kind of one of the most prolific oil fields, you were basically drilling a thousand feet into the ground vertically and they were getting 400 to 500 to 1500 barrel a day IPs, you know, so it's just the conventional reservoirs are the better reservoirs. They've largely been exploited. So when you say shale company”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you could say that. I mean, a lot of just as I said, a lot of the assets that we're targeting are just too small. You know, they're rounding errors on the balance sheets of these large shale companies who are buying tens of thousands or hundreds of thousands of acres and drilling two to three miles under the ground. So it's just, we produce the same product. It's just a very different business.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Although there are smaller companies that do do drilling, and we have drilled in the past, and we will likely drill in the future as well too.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, sure. Thanks for having me on. Yeah, we're just a small independent oil and gas producer. So we operate in the part of the segment called the upstream oil and gas industry. So that is the actual direct companies that extract the hydrocarbons from the ground. And so yeah, our business is a little bit different from a lot of the publicly traded companies that you see, the Exxons and the Diamondbacks of the world who are drilling kind of horizontal shale wells. There are many more companies that are much more similar to mine, the horizontal shale game has largely become the domain of a very large companies. I mean, you've got to have scale to be able to operate in that space. We're largely production company. So the way to kind of think about it is, you know, we buy assets that we think are undercapitalized, underappreciated, try to squeeze a little bit more juice out of each producing well and try to get cost down.”
2026-04-20 · Odd Lots · Jack McClendon on Why It's So Hard to Create a New American Oil Boom · IDENTIFIED FROM THE TRANSCRIPT · source