Texan buys all wells from Big Oil, earns billions with ESG focus.

A Texas Businessman Strikes it Big by Investing in Aging Oil Wells

A Texas businessman has made a staggering $8 billion fortune by purchasing aging oil wells with low environmental impact scores. Jeffrey Hildebrand, the CEO of Hilcorp Energy, saw his net worth skyrocket between 2020 and 2023, according to Forbes.

Hilcorp Energy has ambitious plans to increase its oil production by 500,000 barrels over the next three years, aiming to become one of the top 15 oil producers in the United States, as reported by The Wall Street Journal.

Hildebrand’s success can be attributed to his focus on environmental, social, and governance (ESG) investing. ESG refers to a set of standards used by socially conscious investors to evaluate a company’s behavior, including its climate-friendly policies, employee interactions, and community engagement, as explained by Investopedia.

In recent years, major oil producers have been selling off assets that are not considered environmentally conscious. However, Hilcorp, being privately owned, is not bound by the same ESG concerns. Hildebrand’s fixer-upper business mindset and attention to detail have contributed to his company’s overwhelming success.

Friends describe Hildebrand as someone who is obsessed with efficiency, a trait that dates back to his days as a doughnut shop owner. His Christian faith, which he often quotes, further fuels his tenacity. Hildebrand believes that with great success comes great responsibility, as stated in his favorite Bible passage from Luke 12:48.

Hilcorp has acquired $9 billion worth of aging oil assets from companies like ConocoPhillips, BP, and Exxon Mobil. While the company has reduced its methane emissions by 35 percent over the past four years, its focus on ESG scores is minimal.

Without the pressure of ESG concerns, Hilcorp is likely to continue purchasing such assets in pursuit of Hildebrand’s ambitious goals.

Source: The Western Journal

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