“Eat Our Own Cooking”

WSJ: A Real-Estate Mogul Is Behind the Hottest Stock in the Oil Patch

No, not TPL (right now), but good information nonetheless.  This ‘skin in the game’ ethos gets me fired up.

Mr. Goff first reported a stake in Contango last summer. He bought more than 18% of the company’s shares when they were trading for more than $4 and pushed the company to cut costs, particularly at its headquarters.

Messrs. Goff and Colyer joined the company’s board in August 2018. Mr. Colyer, who was 33 years old at the time and has worked at Mr. Goff’s side for more than a decade, assumed the CEO role. His first move was to cut his own salary in half.

“We’re going to eat our own cooking and keep costs low and try to get the upside,” Mr. Colyer said in an interview.

Messrs. Goff and Colyer said that in addition to running a lean operation in Contango’s Houston headquarters, they are hoping to grow without spending much on drilling, aiming instead to gather wells that are already producing oil and gas.

“There’s a whole host of avenues to grow without drilling holes in the ground,” Mr. Goff said.