Parsley Energy CEO: Oil company ramps up hiring as Colorado Tower move approaches

Dec 8, 2014
Austin Business Journal

For Bryan Sheffield, president and CEO of Parsley Energy Inc., the company's move to the brand new Colorado Tower in downtown Austin can't come soon enough

Since Sheffield decided at the end of 2013 to move the headquarters of his oil and gas exploration and production company to Austin from Midland — hundreds of miles away in West Texas — Parsley's C-suite executives and a group of other employees have gradually trickled into town and are currently squished into several offices spread over three floors of Chase Tower on the corner of Sixth Street and Lavaca

About 45 employees are working at the company's temporary offices, Sheffield said. The company has a total of 174 employees, including about 60 oil workers tending to the company's rigs in the Permian Basin region in West Texas, with the rest in Midland

The company, which staged its initial public offering in May, is expecting to move into the Colorado Tower next February or March, Sheffield said during a recent tour of the company's temporary digs in Chase Tower. The paintings and other artwork in his office are sitting propped up against the walls, waiting to be boxed up again for the move in early 2015

The plan, Sheffield said, is to bring another group of employees over from the Midland offices when the company gets the green light to move into the five floors that Parsley Energy will occupy at the Colorado Tower. In addition, he said the company is currently looking to hire another 20 employees in Austin over the next few months

How many employees the company hires in 2015 may depend partly on what happens with oil prices, Sheffield said, though the company is projecting to have as many as 250 total employees by the end of next year. On Dec. 5, crude futures continued their recent slump, dropping to $65.84 a barrel, the lowest level in five years, with some analysts saying the price could head as low as $55 in early 2015

Sheffield said moving to Austin has paid off handsomely in terms of recruiting professional staff such as engineers, considering the Texas capital has such a great reputation as a great place to live

A full-length Journal Profile interview with Sheffield will appear exclusively in the Dec. 12 print and digital edition of ABJ

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