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Former Shale Gas CEO Says Fracking Revolution Has Been “A Disaster” For Drillers, Investors

Read time: 10 mins

Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s 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.

The 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,” Schlotterbeck, who left the helm of EQT last year, continued. “In 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.”

While 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,” he said. “The industry is self-destructive.”

Tags: 
fracking
petrochemicals
EQT Corporation


This post first appeared on DeSmogBlog | Clearing The PR Pollution That Clouds, please read the originial post: here

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Former Shale Gas CEO Says Fracking Revolution Has Been “A Disaster” For Drillers, Investors

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