{"id":46868,"date":"2019-06-24T11:45:12","date_gmt":"2019-06-24T16:45:12","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46868"},"modified":"2019-06-24T11:45:17","modified_gmt":"2019-06-24T16:45:17","slug":"former-shale-gas-ceo-says-fracking-revolution-has-been-a-disaster-for-drillers-investors","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46868","title":{"rendered":"Former Shale Gas CEO Says Fracking Revolution Has Been ‘A Disaster’ For Drillers, Investors"},"content":{"rendered":"\n

Former Shale Gas CEO Says Fracking Revolution Has Been ‘A Disaster’ For Drillers, Investors<\/a><\/h3>\n\n\n\n
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Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation\u2019s largest producer<\/a> of natural gas in 2017<\/a>, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message about shale gas drilling and fracking.<\/p>\n\n\n\n

\u201cThe shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,\u201d Schlotterbeck, who left the helm of EQT last year, continued. \u201cIn fact, I’m not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.\u201d<\/p>\n\n\n\n

\u201cWhile hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,\u201d he said. \u201cThe industry is self-destructive.\u201d<\/p>\n\n\n\n

Schlotterbeck is not the first industry insider to ring alarm bells about the shale industry\u2019s record of producing vast amounts of gas while burning through far more cash than it can earn by selling that gas. And drillers\u2019 own numbers speak for themselves. Reported spending outweighed income for a group of 29 large public shale gas companies by $6.7 billion in 2018, bringing the group\u2019s 2010 to 2018 cash flow to a total of negative $181 billion, according to a March 2019 report<\/a> by the Institute for Energy Economics and Financial Analysis.<\/p>\n\n\n\n

But Schlotterbeck\u2019s remarks, delivered to petrochemical and gas industry executives at the David L. Lawrence Convention Center in Pittsburgh, come from an individual uniquely positioned to understand how major Marcellus drillers make financial decisions \u2014 because he so recently ran a major shale gas drilling firm. Schlotterbeck now serves as a member of the board of directors at the Energy Innovation Center Institute, a nonprofit that offers<\/a> energy industry training programs.<\/p>\n\n\n\n

\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Former Shale Gas CEO Says Fracking Revolution Has Been ‘A Disaster’ For Drillers, Investors Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation\u2019s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message about shale gas drilling and fracking. \u201cThe shale gas revolution has frankly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[5317,554,722],"class_list":["post-46868","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-desmog-blog","tag-natural-gas","tag-shale-gas"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46868"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46868\/revisions"}],"predecessor-version":[{"id":46869,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46868\/revisions\/46869"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}