Dallas Cowboys owner Jerry Jones is doubling down on a forlorn corner of the U.S. shale patch. He is calling Louisiana’s Haynesville play the best for low-cost hydrocarbons and saying he’s hunting for more gas assets there.
The billionaire owner of America’s Team is no stranger to contrarian investments. The serial entrepreneur generated enough money in the oil business to buy the National Football League club in 1989 at a time when it was bleeding cash and built it into the world’s most valuable franchise.
When the worst crude-price crash in a generation kicked off half a decade ago, explorers shifted to the pancaked layers of oil-soaked rock in the Permian Basin of West Texas and New Mexico for that field’s relatively lower costs. And although it has become the world’s biggest shale patch, Jones is looking elsewhere for growth.
“The gas in Haynesville is the best-cost hydrocarbons in the industry,” Jones, 77, said in a telephone interview Tuesday with Bloomberg. “My immediate plan is to continue to aggregate long-term reserves to have the most efficient source of natural gas.”
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Source: Bloomberg.com
