Despite the Biden administration’s climate concerns, demand for domestic fuel has surged. And those who took risks are cashing in
The deals have only grown since. Most recently, in 2021, he and his partners, who now include private equity company Apollo Global Management, sold a business in the Permian basin in Texas, one of the world’s largest oilfields, to oil company Pioneer Natural Resources for $6.4bn. That came on the heels of a $2.8bn sale in the same area in 2017 to Parsley Energy, an oil and gas producer, itself later bought by Pioneer Resources.
But, in the volatile markets that rule the industry, prices have since bounced back dramatically. They were already on the rise throughout 2021 as global demand, driven by economic recovery, was growing faster than producers could bring back supply. The ex-president was, and is, hugely popular in oil country, where “Make America Great Again” flags fly and “Trump 2024” bumper stickers are plastered on the back of pick-up trucks. “His support for the industry was really critical through that period,” says Campbell of the man, who he spent the day with.
Dunn’s company, like the rest of the industry, was transformed when new shale drilling and fracking technologies helped unlock vast crude reserves in the oilfields of west Texas, where his group owned vast swaths of land that had been deemed too expensive to produce. The huge Permian basin has turned from a dying oilfield into a juggernaut on global energy markets.
For Dunn, this year’s surging prices has added fuel to his firm’s swift growth. The company, which already produces more from the Permian’s oilfields than US supermajors ExxonMobil and Chevron, says it expects “significant production growth” in the coming years.
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