As Rep. Kevin Hern Blasted Biden on Energy, His Trust Bought Oil and Gas Company Stock
&w=256&q=75){kind=small}
)
In 2021, Congressman Kevin Hern's family trust made various investments in the energy sector, including purchases of shares in oil and gas companies such as Pioneer Natural Resources (PXD:US), Phillips 66 (PSX:US), Chevron (CVX:US), Devon Energy (DVN:US), Exxon Mobil (XOM:US), Williams Companies (WMB:US), Magellan Midstream Partners (MMP:US), and ONEOK (OKE:US). Additionally, the trust also invested in NextEra Energy Inc (NEE:US), a clean energy company based in Florida.
With the passage of time, his investments in Pioneer Natural Resources proved to be quite fruitful, with the trust earning a minimum of $179,000 and potentially more based on the current closing price. It also received dividends of up to $30,000, which were reinvested in the company's stock.
As per financial disclosure reports filed with the House, Rep. Hern clarified that he was not directly involved in managing his trust or foundation, which also invested in energy stocks during the same period.
Despite the investments in the energy industry, Rep. Hern has been a vocal critic of the Biden administration's energy policies, particularly with regard to oil and gas production. He has raised a lot of concerns about the impact on American energy workers and the country's domestic oil supply under the new administration.
The profits and dividends earned by the Hern family trust highlight the success of oil and gas companies in rewarding their shareholders amid challenging times. Executives from Pioneer Natural Resources expressed their focus on stock buybacks and dividends rather than substantial growth in oil and gas production, maintaining a production growth limit of 5%.
It is important to note that investment decisions made by a family trust or foundation are separate from Rep. Hern's political stances and opinions on energy policies. As with any investment, the family trust sought opportunities in various energy companies, including those in the clean energy sector.
Overall, the investments made by Rep. Hern's family trust in the energy industry have yielded positive returns, indicating the success of certain oil and gas companies in rewarding their shareholders. These financial gains come amidst a backdrop of ongoing discussions and debates about energy policies in the United States.
