He also called for an end to flaring in the shale patch. Parsley was among the top 20 natural gas flarers by volume in Texas, according to a report this year from the states oil and gas regulator. But Gallagher said it had reduced the practice a huge source of carbon emissions to less than 1 per cent.

From that perspective, some healthy regulation would, over time, probably benefit the industrys reputation, he added, potentially helping to lure environment-focused investors back to the sector.

You want to be behind a company that makes this a priority, he said.

(The shale sector has) not been gifted with discipline

Matt Gallagher, Parsley Energy chief executive

Capital markets have largely closed to shale producers in the past year as investors fled a sector that became famous for world-beating production growth but an inability to repay debt.

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Once on the verge of energy independence, U.S. may have passed peak oil production - Financial Post