In short: Not named by Young — described only as "a drilling rig company that's actually a Canadian headquartered one… run by this billionaire tycoon, very famous. He runs an upstream company, too," publicly traded, with "two rigs running in Venezuela" and possibly three by year-end, and "the only company that's actually running drilling rigs" there. Held as a position that wins either way: "pulling 50 active, capable rigs out of America or Canada or both to go down to Venezuela would really tighten the rig market and my exposure there is sufficient where that would be a huge win for me."
This is the one company he actually owns that gets discussed, and he deliberately never says its name. All we get is the description: publicly traded, headquartered in Canada, run by a very well-known billionaire who also runs an oil producer, and the only operator actually running drilling rigs in Venezuela today — two of them, possibly three by year-end. No ticker is inferred for it here, on purpose.
What makes it interesting is the structure of the bet rather than the company. Washington and the press have been talking up a wave of rigs heading to Venezuela — one Wall Street Journal piece listed three American companies that might send them, none of which currently operate there, and two of which had rigs seized in Venezuela before. Young thinks that migration is unlikely and says so bluntly. But he owns rig exposure anyway, because if he is wrong and 50 working rigs really do leave North America for Venezuela, the North American rig market suddenly gets very tight and his position wins big. So the honest analysis and the profitable position don't depend on each other — "it's helpful to be positioned where possible to make money either way."
32:37So I have an investment down there. My investment down there is in a drilling rig company that's actually a Canadian headquartered one and it's run by this billionaire tycoon, very famous. He runs an upstream company, too. And publicly traded and they have two rigs running in Venezuela.
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