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"mitchell energy" Discussed on KGO 810

KGO 810

08:33 min | 4 months ago

"mitchell energy" Discussed on KGO 810

"Down now is fracking our character sometimes called wildcatters man some of them are leaving us some of them now have children who are in the business who had a dream to be rich we leverage and to control their fates with oil or with natural gas and they pursued it against all reason in the twentieth century again and again they were told they were wrong they were wasting their money they were throwing their investors money away their stocks were crashing for reason they were idiots the majors laughed at them a new book a book filled with comedy and at the same time lots of lessons about how to get rich and what it means in the United states here in the twenty first century it's called the frackers the outrageous inside story of the new billionaire wildcatters and everybody who's not a billionaire who hopes to be one some day Gregory Zuckerman it was a major correspondent for the Wall Street journal however what's important here is that Gregory went to the oil fields went to the natural gas fields Oklahoma and Texas is what we're focusing on although we will speak of the bokken in the Dakotas and Montana went to that and met these men who are remembering their lives many times they come from shacks from poverty from hardscrabble and over the course of one life in the twentieth century what you see is a revolution not only for Texas and Oklahoma but for the United States of America and the world Gregory congratulations and let's go to this wonderful moment to make sure everybody understands you can't believe this unless it really happens it's fifty to nineteen fifty two a bookie a guy who takes bets he's in Chicago he has a tip about a natural gas field in Texas a place called wise county there's a ranch there he gives that tip to an investor in George Mitchell's oil company the investors name is Louis Pulaski George Mitchell has to deal with this tip is that while chatting in fifty two is that what it looks like you get tips from Chicago good evening to you correct Hey good evening and it was a an interesting world people taking risks taking chances rolling the dice and people like George Mitchell sometimes took the risk and it paid off for for a few of them and that's why I write about and yet that's what happened in the fifties George Mitchell running his own and natural gas company called a Mitchell energy and he got a chip in he was a skeptical you know when you get a tip from a book in Chicago about a a oil field or a gas field and in Texas his reason for skepticism and a Mitchell goes with it and so let's go back to the beginning because you have to know where George Mitchell comes from to understand at least one version of how we got to hydro fracking it's Mitchell and he is G. hunches his willingness to go with other people's instincts that creates this revolution in American economy is not Mitchell he is in fact the son of a man who came to America as periscope populace and I believe one day one of his foreman said I can't say your name anymore from now on you have the same main name is me Mitchell what is George remember what did George remember about his father about his roots so George Mitchell he's very American story many of the characters in my book are either immigrants or rags to riches kind of stories or older people finally finding success in their careers late in life and Sir George Mitchell as you suggest he was the son of a poor Greeks Goedert who immigrated to America got off the boat they sent him to go work on the rails to build our nation's the rail system like many immigrants and as you as you say one day his is form and the paymaster was frustrated with trying to pronounce the long Greek name and so George Mitchell's father said well what's your name he said my name is Mike Mitchell so he said alright I'll be Mike Mitchell to see became like Michelin assigned was George Mitchell and that's where George comes George has a brother and early on Georgian Johnnie Johnnies a colorful character who mocks George I learned from Greg because he doesn't know how to dress they form a oil oil company with the shocking name of oil drilling incorporated this is in Houston I believe at Texas in the nineteen forties and what was wild padding in those days did they work for people sometimes yes sometimes no these guys had a hunger to fines oil gas in this country it's very much will be like a a Dallas kind of tale where they they had a hunger sometimes excessive confidence that they could find a new formations full of energy and but they were very good geologist especially George and he had a had a sense it's like in any profession where someone had to have a knack for success and he did George Mitchell it sounds different gas formations and other people were skeptical he was able to find it and they slowly build to their company and eventually was really just George Mitchell running it and and by the early eighties he realized that they were running out of natural gas and they had a big contract they had to deliver about ten percent of all the energy of the gas requirements of Chicago and they didn't want to not be able to fill that in to come to a gun under so they basically needed to George Mitchell had to find some new deposits of natural gas rose his company was done there's logic here because the hydro fracking revolution is born of necessity now we're going to do some engineering talk because Greg spends time giving us the origins of the word that we use today fracking F. R. A. C. K. I. N. G. fracking are short for hydro fracking I thought I'm wrong it originally was the concept of completing what was that Greg well yes the whole idea of another step back for for listeners fracking sounds are complicated but it just means pummeling this rock with some sort of cocktail we can discuss how it changed over time but basically a combination of water and chemicals in sand the whole idea is to create little fractures little fissures in the rock that will allow natural gas and oil to escape into be to come up to the surface after the well bore through by drilling and yet the fracturing process is really just completing it at the and then in the people in the in the world in that world don't like the fracking terminology don't like that people call it fracking they see it as a negative word it does rhyme with some some other kinds of words that are not positive words so they they always kind of Blanche when you when when you say the word fracking but that's the way it's been described and needs to use it without the K. so was F. R. A. C. E. without the K. and then over time the K. was added and now we also all people talk about this a lot of controversy obviously a let's say let's have some fun with this because petroleum the word itself Petra drop rock oleum oil all oil comes from rock we now read it and believe it or not John Wilkes booth the assassin of the president of the United States in the eighteen sixties and eighteen sixty five he killed Lincoln but before that he was an early version of a wildcatter they were part of the original discovery of how to get oil out of the ground this goes back to fifty nine the Rockefellers the first time they drilled a well in Pennsylvania the oil near the surface was in Iraq and you had to release it to you bored into the ground this begins the discovery process of how to get oil out of the ground what I learned from Greg is that the wildcatters of the late twentieth century with the easy oil disappearing or at least the peak oil concept floating in front of everyone they took that concept and said what if we go deeper what if we find another way to not just bore but to release the oil in the rock and that's where we're headed we're not going to do all of oil discovery since eighteen fifty nine we're going to go to the concept of completing your hydro fracking as George Mitchell sought because missiles at the there at the beginning Gregory Zuckerman the book is the frackers the outrageous inside story of the new billionaire wildcatters I'm John.

"mitchell energy" Discussed on 77WABC Radio

77WABC Radio

08:15 min | 4 months ago

"mitchell energy" Discussed on 77WABC Radio

"That is called shale the Barnett shale what is that and what is the significance in the nineteen eighties crack yes you pinpointed a key point that we've drilled around the country and we were sort of running out by the early nineteen nineties it became kind of obvious and it only experts all the big companies Exxon chevron BP they all gave up on America they all said let's go off shore let's go to Africa with Asia but George Mitchell could do that he ran a mid sized company enough African and Asian assets so you were sitting on this formation and which the booking originally he gave them a tip on and included in the formation of this this acreage let's say in Texas in this acreage was shale with a layer of shale and shale a type of rock but it's really compressed they call it tight in the business a looks a little bit like tombstone two other words really hard and when you look at it it doesn't seem possible that it's going to give up much oil or gas and all the experts in in all the geologists when you go to school they say well everyone knows there's a lot of while gas packed into shale but everyone also knows there's no way you can get it out at least not in a in a room at a price at a cost that makes it worth while and that was sort of conventional wisdom and they were told George Mitchell don't even waste your time on the shell you guys are sitting on but Mitchell to have a choice we did with guys go get it go find a way to get oil gas out of shale in Texas and they started really started in the early nineteen eighties in by nineteen ninety seven or so they really have failed today I didn't find much success the people working on the upper were made fun of within the company Mitchell was about eighty at that time in his era parents didn't believe in what they were doing they were pretty close to giving up on it and then finally they had a break through the not just changed their company but they changed it changed the country and even the world's they proved you can get a lot of oil and gas out of shale let's introduce some of the players here with the accidentally on purpose America's renovated because of stubborn young man and George Mitchell in the twentieth century yes they're billionaires and love their lots of dreamers their oil engineers there man who get their hands dirty who spend all the time drilling wells summer dry summer not and in the nineteen eighties and nineteen nineties it became part of the conversation the George Mitchell had a dream that would never come true the majors laughed at him one of the majors Exxon I believe its headquarters is above the Barnett shale this is North Texas down to fort worth in that shale is the oil and gas they want but how to get it out of there how to extract it's very deep it's said to be too expensive to extract you don't get enough what's the point the oil's not high enough and all during the twentieth century oil is dipping and rising dipping and rising and about the turn of the century I think it was the the financial crisis of nineteen ninety eight was very low everybody's wondering off there in despair marriages breaking up they're all pointing at each other saying your crazy and the majors are not involved now Mitchell is hired a man named Steven C. hires him from a major and Stevens doesn't believe in this right Greg he he says do not pursue hydro fracking do not tell me anything about getting natural gas and oil out of these deposits and Stevens is wrong and their engineers and Georges company who don't listen to him or ignore him what is the what is your understanding of how they carried on despite the fact that the boss told him not to well it was a small unit within Mitchell energy and about nineteen ninety eight or so they were sort of close to giving up then yes their boss bill Stevens didn't believe what they were doing many the others the company also didn't believe what they were doing they were small group but George Mitchell said keep going guys right in the stock price would come down and George Mitchell I had cancer and his wife in early signs of Alzheimer's and again they really didn't get any choice they they were close to the end and finally one day they were doing one well and by accident one of the contractors made a mistake and they used much too much water in their cocktail and that they were using to fracture to pummel the rock in other words it was a lot of water and a little bit of sand a little bit of chemicals and everyone in and somehow they got a good amount of natural gas out as well and everyone told the J. engineer in charge this is Stein's burger right exactly and the next on burgers it's just hugely important person this whole era and in in for the whole country and basically everyone said Nick yeah you got some good money gas as well but a fluke yeah I give it up move on forget what happened here in size but said you know let's let's let's ignore what they say let's talk a little bit let's try try to see if this this cocktail that's mostly water like ninety nine point five percent water with some chemicals slick water slick water it's very different from the expense of gel that they've been using which show cost what two hundred thousand dollars a well and this is mostly water to an accident you know it reminded me of Greg with the stories about how Alexander bell discovered the telephone when somebody spilled acid on their on their pants and said help me come get me it was that kind of accident exactly right many of of law of life I history's greatest advances are sometimes by accident yes sign burgers contractors made a huge mistake in Denver has said you know what maybe there's something here and they played with an H. we did and they finally got it to work and all the experts all the naysayers were wrong in Stein burger and his group of of stubborn eccentric guys who didn't go to Harvard and resented the Harvard guys they got it right and they showed you can get by using this water heavy cocktail before slick water fracking and he said they can give me a lot of doctor gas oil out of this rock called shell and a detail here the majors ignored all this and what I learned from this is that really successful companies in America turn into commodities they they stop renovate and they start renovating themselves and they stop experimenting Exxon's on top of the Barnett shale and it doesn't do anything about it it's most confounding thing in the world the literally on top of the Barnett and ignored it went anywhere but it by no if you're in Exxon it's not too dissimilar from let's say mark or or Microsoft you're doing well you're making a lot of money so there's no pressure on you to innovate just to ignore the experts to try things that deadbeat debts that the special said was we're going we're going to work so I can understand some accents perspective I'll never make a lot of money elsewhere but they also were ignorant when it came to America and they pay the cost because the race back to America when when Mitchell and others proved you can get a lot of oil gas from this country's rock there's a moment and it's a joyful moment and we were making the Spencer Tracy Clark Gable movie of this I guess Tracy would play about Mitchell where Mitchell is presented by his engineers the results from this accidental on purpose discovery of the right formula in order to get gas and oil out of the ground he says this is huge Mitchell is the man we owe everything to Greg if he doesn't say that it doesn't happen agreed he I think people are coming around to the understanding of how important what part will you play for this country and and in history and over the next two years people really going to come to that realization when they start pumping oil and gas around the world oil from shale in Russia and Argentina and Mexico and Poland and the UK it's all to the Mitchell and these guys in the band of guys that write about or or stubborn and headstrong and eccentric in odd but I got a right now we go to the developers themselves because everybody now has to take advantage of this accidental discovery to re energize America the frackers the outrageous hidden side started the new billionaire wildcatters Gregory Zuckerman I'm John bachelor great.

BP Exxon
"mitchell energy" Discussed on WMAL 630AM

WMAL 630AM

09:00 min | 4 months ago

"mitchell energy" Discussed on WMAL 630AM

"And John this is the John Batchelor show I drove the energy revolution in America within these last five or six years has not only really wait the possibility that the U. S. can be energy independent it's real wake in the American economy for the twenty first century hydro fracking is the store but behind that very careful words it's broken down now is fracking our character sometimes called wildcatters man some of them are leaving us some of them now have children who are in the business who had a dream to be rich really rich and to control their fate with oil or with natural gas and they pursued it against all reason in the twentieth century again and again they were told they were wrong they were wasting their money they were throwing their investors money away their stocks were crashing for reason they were idiots the majors laughed at them a new book a book filled with comedy and at the same time lots of lessons about how to get rich and what it means in the United states here in the twenty first century it's called the frackers the outrageous inside story of the new billionaire wildcatters and everybody who's not a billionaire who hopes to be one some day Gregory Zuckerman who's on a major correspondent for the Wall Street journal however what's important here is that Gregory went to the oil fields went to the natural gas fields Oklahoma and Texas is what we're focusing on although we will speak of the bokken in the Dakotas and Montana went to that and met these men who are remembering their lives many times they come from shacks from poverty from hardscrabble and over the course of one life in the twentieth century what you see is a revolution not only for Texas and Oklahoma but for the United States of America in the world Gregory congratulations and let's go to this wonderful moment to make sure everybody understands you can't believe this unless it really happens it's fifty to nineteen fifty two a bookie a guy who takes bets he's in Chicago he has a tip about a natural gas field in Texas a place called wise county there's a ranch there he gives that tip to an investor in George Mitchell's oil company the investors name is Louis Pulaski George Mitchell has to deal with this tip is that while carrying in fifty two is that what it looks like you get tips from Chicago good evening to you correct Hey good evening and it was a an interesting world people taking risks taking chances rolling the dice and people like George Mitchell sometimes took the risk and it paid off for for a few of them and that's why I write about and yet that's what happened in the fifties George Bush was running his own a natural gas company called a Mitchell energy and he got a chip in he was a skeptical you know when you get a tip from a book in Chicago about a a an oil field or a gas field and in Texas there's reason for skepticism and a Mitchell goes with it and so let's go back to the beginning if you have to know where George Mitchell comes from to understand at least one version of how we got to hydro fracking it's Mitchell and he is G. hunches his willingness to go with other people's instincts that creates this revolution in American economy is not Mitchell he's in fact the son of a man who came to America as periscope opulence and I believe one day one of his foreman said I can't say your name anymore from now on you have the same main name is me Mitchell what is George remember what did George remember about his father about his roots so George Mitchell he's very American story many of the characters in my book are either immigrants or rags to riches kind of stories or older people finally finding success in their careers a late in life and so George Mitchell as you suggest he was the son of a poor Greeks Goedert who immigrated to America got off the boat they sent him to go work on the rails to build our nation's the rail system a like many immigrants and as you as you say one day his in form and the paymaster was frustrated with trying to pronounce as long Greek name and so George Mitchell's father said well what's your name he said my name is Mike Mitchell so he said alright I'll be Mike Mitchell to see became like Michelin is signed was George Mitchell and that's where George comes George has a brother and early on Georgian Johnnie Johnnies a colorful character who mocks George I learned from Greg because he doesn't know how to dress they form a oil oil company with the shocking name of oil drilling incorporated this is in Houston I believe at Texas in the nineteen forties and what was while chatting in those days did they work for people sometimes yes sometimes no these guys had a hunger to fines oil gas in this country it's very much we'll do like a a Dallas kind of tale where they they had a hunger sometimes excessive confidence that they could find a new formations full of energy and but they were very good geologist especially George and he had a had a sense it's like in any profession where some of the apps have a knack for success and he did George Mitchell and sounds different gas formations and other people were skeptical he was able to find it and they slowly build to their company and eventually was really just George Mitchell running it and then by the early eighties he realized that they were running out of natural gas and they had a big contract they had to deliver about ten percent of all the energy of the gas requirements of Chicago and they didn't want to not be able to feel that the company will gone under so they basically needed to George Mitchell had to find some new deposits of natural gas rose his company was done there's logic here because the hydro fracking revolution is born of necessity now we're going to do some engineering talk because Greg spends time giving us the origins of the word that we use today fracking F. R. A. C. K. I. N. G. fracking offshore for hydro fracking I thought I'm wrong it originally was the concept of completing what was that Greg well yeah the whole idea of another step back for for listeners fracking sound sort of complicated but it just means pummeling this rock with some sort of cocktail we can discuss how it changed over time but basically a combination of water and chemicals and sand on the whole idea is to create little fractures little fissures in the rock that will allow natural gas and oil to escape into be to come up to the surface after the well bore through by drilling and yet the fracturing process is really just completing it at the and they in and the people in the in the world in that world don't like the fracking terminology don't like that people call it fracking they see it as a negative word it does rhyme with some some other kinds of words that are not positive words so they they always kind of Blanche when you when when you say the word fracking but that's the way it's been described and needs to use it without the K. so was F. R. A. C. E. without the K. and then over time the K. was added and now we also all people talk about this a lot of controversy obviously I let's let's have some fun with this because petroleum the word itself Petra drop rock oleum oil all oil comes from rock we now read it and believe it or not John Wilkes booth the assassin of the president of the United States in the eighteen sixties in eighteen sixty five he killed Lincoln but before that he was an early version of a wildcatter they were part of the original discovery of how to get oil out of the ground this goes back to fifty nine the Rockefellers the first time they drilled a well in Pennsylvania the oil near the surface was in rock and you have to release it to you bored into the ground this begins the discovery process of how to get oil out of the ground what I learned from Greg is that the wildcatters of late twentieth century with the easy oil disappearing or at least the peak oil concept floating in front of everyone they took that concept and said what if we go deeper what if we find another way to not just bore but to release the oil in the rock and that's where we're headed we're not going to do all of oil discoveries since eighteen fifty nine we're going to go to the concept of completing your hydro fracking as George Mitchell sought because Mitchell's that the there at the beginning Gregory Zuckerman the book is the frackers the outrageous inside story of the new billionaire wildcatters I'm John bass this is.

John Batchelor America
"mitchell energy" Discussed on Boomtown

Boomtown

06:31 min | 5 months ago

"mitchell energy" Discussed on Boomtown

"It's clear that George wanted to leave a legacy beyond being known as the father of fracking. But it's less clear what his legacy. The actually is in George's later years after his wife Cynthia died in two thousand nine. He left the woodland's moved back to his boyhood town of Galveston. He lived for a time in the tournament house a hotel that he and Cynthia had bought in the early eighties as part of the historic preservation. Program that your mom continued to operate eight is a working hotel. Even as George lived there you know they had reserved tables in the restaurant and in the lobby and he would come down from his sweet and just sort of sit there in the lobby and You know the time was their former governor mark white just happened to be coming through Galveston and came up and said hello to him and they chatted for a few minutes. That's Russell missile gold a senior energy reporter for the Wall Street Journal. Russell is the author of two books including the boom. How fracking ignited the American Energy Revolution? Shen and changed the world. Russell met George at the hotel a few years before George died he was kind of enjoying the the the sunset of his life Just Holding Court In in the lobby of tremont hotel in downtown Galveston and it wasn't just governors. You know anyone who came by he you would try to engage with them and talk with them and you sitting there and his He had a little Motorized wheelchair of sorts and remember it had a bumper sticker on it right Say Informing everyone that he was he was nagy. There were certain things he would engage with certain stories. You would love to tell but there were certain things when you really kind of tried to drill down and try to understand a little bit about what he thought of his legacy and unleashing so much new oil and gas drilling in the United States dates and elsewhere That he didn't want to engage with He my sense was he had closed the book on that and and didn't WanNa talk about it anymore. This is part part of what came to be known as the Mitchell Paradox. Here's Lauren Steffi Ya son Todd Actually dubbed at the Mitchell Paradox And while while nobody remembers George actually talking about it in fact even when he was asked about it he would just kind of wouldn't answer He had two parts of his life. He had the business part he had the Mitchell energy part where he was drilling gas and figuring out ways to draw gas and then he had this other part and it wasn't listen just it wasn't just in in oil and gas. I mean here's someone who was genuinely worried about overpopulation. And he had ten kids You know it it there were just complexities to life. That that at the end of the day you you just. You couldn't resolve George's daughter. Meredith remembers giving him a hard time when he'd Fred about the planet's growing population. Oh Yeah we always taste about that. So what are you talking about this dad. You had ten kids. He said Yeah I know. Now I'm not gonNA worry about that. He just said it's true Georgia's life is filled with all sorts of contradictions. Plenty of people have pointed and out that Georgia's pleased for more regulation and more corporate responsibility really only intensified after he'd sold his business and after after he'd made his billions and that that concern about the environment did not spill over into his company and he did not create a company Benny Alternately and oil and gas company that showed us a new way of both getting oil and gas out of the ground while being an environmental steward. He showed us a new way to get oil and gas out off the ground and it really is left to to the current generation into new people to figure out how to be an environmental steward at the same time. In the mid nineties Georgia's Georgia's own company was marred and lawsuits over questionable drilling practices and water contamination. At one point Mitchell Energy and development lost a lawsuit route. There would have cost the company over two hundred million dollars. The case was later appealed and thrown out by the Texas Supreme Court but Russell says that the state still oh found. The Mitchell energy had quote deliberately misreported the way the company was building their wells. It stain his reputation. I've a lot of admirations for George Mitchell His legacy is one of being a stubborn inventor and someone who was willing to keep trying to do something because he I just had a a deep seated belief that he be able to fear out how to open up these incredibly thick rocks. And you know that's that's an incredible legacy and maybe do you know. Is it fair to also ask him to to have a second legacy of of being an environmental steward and figuring out how to oil and gas Production in an environmentally Faithful way for the future generations. That might be too much to ask anyone person He certainly failed in that. But Lauren on the other hand believes Georgia's legacy was much bigger than fracking. So I think that that ultimately when you take all of these things you know fracking sustainability. You know the the big science stuff you know what you see. His real legacy is a celebration of big ideas you know. He was a primary funder early on the giant Magellan Telescope. which you know when it comes online in a few years you know might just attacked you know intelligent life often the universe which would be kind of an interesting way to kappa a really unusual Legacies here's George's granddaughter. Catherine literally had had ten times every time you for the last twenty year life. If you can't make the world work with six billion people how you make her with nine billion people and what are you GonNa do about it and he would like what are you about. George believed the world needed to eventually move away from oil. Instead his technology she has helped make America into the largest oil producing country in the world. Despite this Lawrence Steffi says George would have been undaunted if he were still around I think he he was always an undying optimism. I mean that's kind of what drove him forward. was you know he didn't believe in some sort of dystopia future. I mean he really believe. We're GONNA figure all this out and in fact no less than Stephen Hawking at his memorial service said you know not many people can say they changed the world but George Mitchell was one of them. So that's from a guy who knows right.

George Mitchell Georgia Russell Galveston Mitchell Energy Lauren Steffi Cynthia Texas Supreme Court Wall Street Journal Stephen Hawking mark white tremont hotel Shen United States nagy Lawrence Steffi
"mitchell energy" Discussed on Boomtown

Boomtown

11:44 min | 5 months ago

"mitchell energy" Discussed on Boomtown

"Seeing the planet from that distant vantage inspired people including George. He began attending the Aspen Institute and International Gathering for the wealthy and powerful to debate solutions to the world's biggest problems albums sort of like a pro Ted Conference only more elite. The story goes that wall. Aspen Hebrew ended the famous inventor and futurist Chris Buckminster Fuller. George had many famous friends throughout his life. From Jimmy Carter to Stephen Hawking but fuller's influence might have loomed largest gist fuller is probably best known for inventing geodesic domes in coining the term spaceship Earth which inspired the golf ball. Looking sphere. Ebb caught in Disneyworld anchored by eighteen. Stories Speier called spaceship Earth Epcot futuristic for billions display the neon and laser technology of tomorrow Orel spaceship Earth was fuller's vision for the kind of comprehensive global planning needed to make sure Earth's rapidly growing population could live comfortably without destroying our most essential ecosystems fuller was an optimist. He believed humanity could do it. But it was going take a massive coordinated effort to pull it off. George became convinced of the same thing in the sixties George decided to launch his own many spaceship earth experiment by attempting to create a sustainable community outside of Houston called the woodland's to lead the project. He hired a a leading environmental designer from the University of Pennsylvania. He looked at everything from flooding issues. Drainage he studied all the different species of trees Animal Life you know how do we. How do we build a city with as little impact as possible? And so you know they would. For example study the soils us. And where the soils were more porous. Those would be the residential neighborhoods. Where you had the harder soils as it'd be the commercial areas because that would minimize runoff? And you know just just a million million little details like that but it was really It became a quite an undertaking. Obviously but something that George was very very committed to wind. Wind up calling the woodland's his eleventh child. There are some employees at his energy company that grew concerned by the amount of money. George was diverting into his suburb herb. What happened was Mitchell energy would would be generating all these profits and George was basically taking them on funneling all into the woodland's so the energy you guys were getting a little frustrated because they're like we're making all this money and you're putting into this real estate deal? You know what what's happening with this. They didn't quite understand it. George moved the company's headquarters there there and today it's home to many of Houston's energy executives though George didn't quite achieve utopia he dreamed of where people of all social classes asses lived in harmony. The Woodland's did become a global model for sustainable suburbs. In nineteen seventy eight George and his his wife created the Cynthia and George Mitchell Foundation which they use to support programs to preserve land and limit the impacts of oil and gas drilling since it began. The foundation has given away over seven hundred and fifty million dollars of the family's personal fortune Georgia's daughter Meredith ran the Mitchell Foundation for some two decades when she stepped down in two thousand eleven George's granddaughter. Catherine Laurens took over when I called her her. Catherine told me that George was constantly evangelizing about whatever. Big Idea had last peaked his interest. I mean I remember every time I see him throughout college and afterward he would hand like whatever the book was he was reading. You GotTa read this Book About Sustainability About the planet or it was always been talking when I saw him always without you know the environment and and and she she would always say you know he by I literally like two hundred bucks or whatever that because in mail to all of his friends especially those in leadership positions at companies. So I would remember you know go into possessing boxes at these books in a car that he was spending around the world and give me five. You gotta give it to all your friends to and And you know this wasn't just one book. It was kind of whatever the off what he ends you at the moment. Talking about sustainability in the planet and the need to take care of it. When George I began trying to crack the code on fracking in the eighties he surely knew it had the potential to make him and his company a lot of money but he also believed that if we could access the vast reservoirs and natural gas trapped in shale it could benefit the planet one of the things that George? Mitchell really believed that if we're going to have you know a growing population and we not only have to have environmental sustainability economic sustainability. We had to find a way to provide for all these people you know using these finite resources and so so you know the reason. He believed natural gas. Fuel of the future was because sooner or later we're GONNA need a cleaner fuel than oil or call or whatever and so while he was not he didn't really see renewables taking off in his lifetime. He definitely believed that they should he. He said in the nineteen nineties. We need alternatives. But they're too expensive. We're going to have to do something I think so. He's all natural gas as a way of getting there. In some ways. Georgia's been proven right. Natural Gas produces about half the carbon dioxide night is coal for comparable price since the fracking. Boom the rise of natural gas has led to a major decline in the use of coal and because of that. US Carbon Emissions recently hit at twenty five year low. The boom also lead to lower energy costs for consumers to a tune of some two thousand dollars is per household and it's been a boon for some parts of the economy with an estimated four million jobs tied fracking but no one could have predicted. Just just how much fracking would take off in two thousand. There were twenty six thousand gas wells in the entire. US fifteen years later there were more than three hundred thousand gas wells today some sixty percent of all US crude oil comes from wells but the record breaking waking levels of production comes at a cost. fracking requires far more resources than a conventional well especially water which is already a scarce commodity in West Texas a fracture well might require between two and eight million gallons of water and in the Permian a single fact. Well can require twelve hundred truckloads of sand water and equipment and even natural gas Mitchell's fuel of the future has a downside while natural gas. That's produces less carbon emissions. It also contains methane a potent greenhouse gas when companies burn off natural gas using flares or allow wells wells to leak methane then the climate advantages of natural gas or wiped out when fracking really started to take off in the early two. Thousands Lawrence says it didn't take long for George to see how the industry was going to exploit the technology. He knew he told his son in law. You know these cowboys are GonNa ruin everything and you know. He knew what the business was like and he knew that people were going to. We're going to basically abuse desk and you know as you see the the footprint from fracking growing as as the number of wells increases and whatnot. you know. I think he would have become increasingly concerned about that. The earthquake issue The the methane leaks but he would also I say these are fixable problems right we can solve this. We need to not rather than just abandon the whole process. We need to find a better way of doing it. In Two thousand twelve the year before his death George Famously Co op Ed. In The Washington Post with now presidential candidate Michael Bloomberg the two main called on drilling companies to be more socially conscious and asked the government to put stricter regulations on fracking. They wrote mostly. It's the loud voices at the extremes who are dominating the debate debate those who want either no fracking or no additional regulation of it as usual. The voices in the sensible center are getting drowned out with was serious repercussions for our country's future. The rapid expansion of fracking has invited legitimate concerns about its impact on water air air and climate concerns. The industry has attempted to gloss over. In fact he used to admonish not just other oil executives but business leaders in general that they weren't thinking enough about the importance of their role in the community. And the sort of you know that he believed that. There are a lot of big problems. That only business could solve George's daughter. Meredith errative actually lives part time in West Texas in the town of MARFA. She's watched the boom unfold in the permian basin over the past decade. Mitch spoke to her. Recently Elliott Morphou public radio. I think my father would be horrified by the what's going on in the Permian Basin because a lot of it is absolutely unnecessary. It it it's just it feels to me just looking and hearing about it. That is just the Greek on wild. And I'm I'm not even sure we need all that oil and gas right now especially the gas and fracking. That's going on and we've ruined environment and I think my father would be horrified by. Frankly how do you react to that. That people who are so pro drilling and fracking in the Permian would invoke your father's name as as someone who helped them get to where they are. Today it's kind of For me it's kind of embarrassing. Frankly and I feel feel like that. They the people who invoke his name don't really quite understand what he was all about and I think he would not like it either or if he were alive. George P Mitchell chairman of the board and President of the Mitchell Energy and Development Corporation in one thousand nine hundred eighty four George and his wife. Cynthia attended an honorary dinner. Were George was presented with the Horatio Alger Award the annual award recognizes a figure that embodies to classic rags to riches story other inductees have included Buzz Aldrin. Maya Angelou and reba MacIntyre the typically reserved. George was in a jovial mood that night. He even cracked a joke to start things off war. They don't have happy hair on this. Hit Hair you shouldn't get along well. My my wife just reminded me that before I met her. I was nothing and since I met her. I did pretty well so I want to give her a tax. He could've talked about. Anything mentioned most attendees probably expected him to talk about his accomplishments and oil and gas instead. He sounded a lot like his old friend. Buckminster Fuller in this country we have the economic environment in which to the pursuit of success can really be honorable and enjoyable game and if we play the game Preferably everybody wins by properly and preferably. I mean that we must work hard and be fair. We must be compassionate and decent and we must return to society as much as or more than we got out of it..

George Buckminster Fuller Mitchell George Mitchell Foundation Permian Basin Aspen Institute and Internatio George I George P Mitchell Houston Georgia Meredith errative golf US Speier Cynthia University of Pennsylvania
"mitchell energy" Discussed on Boomtown

Boomtown

10:27 min | 5 months ago

"mitchell energy" Discussed on Boomtown

"George took the year as an opportunity unity to see a bit more of the world. He went east to Louisiana to live with his older brother. Johnny Johnny was working on rigs and the swampy Gulf coast oilfields at the time and it was there. The George got his first taste of the patch working as a roused about moving pipe and doing grunt work. And just you know fell in. I love the oil business and he started thinking about medical school. He'd also always had a love of astronomy but he. I think you know the that childhood. The financial hardships of his childhood hood really kind of made them focus on. How do I make a living? And he always said he decided to go go into oil gas because he wanted to be in a field where he could. He earned some money at the end of the year. Mitchell decided it in not enroll at rice. After all instead he went to Texas A. and M. to become an aggie there he studied geology and was part of the first wave of true group petroleum engineers. The Rock counts had been sniffing for crude for over a century binding and extracting all was just becoming its own academic field field of study. George was the top of his class. He also served as a cadet in the schools military core amd played on the tennis team but he he was constantly wracked with worry over money. It was a constant struggle. He was always threatened with with being kicked out because he couldn't pay his bills. He would call his dad and he'd send his dad his grades and he'd say you know data. I'm really they're about to kick me out. I need I need you know forty dollars. Whatever twenty five dollars and So his father would go go to Sam missio and he would say you. Look my son's at the top of his class but he's going to get kicked out. He needs some help. Can you give me a hundred dollars in San would give them Mike. One hundred dollars Mike said fifty onto the George and keep fifty for himself after trying to make money in a variety of ways from selling candy to operating his own laundry business. He finally hit on a successful scheme his senior year. He started selling embossed stationary which he realized the freshman would buy no matter what pricey put on it because they would right they were they who home second they would write their girlfriends back home. That how much they miss them. And so you're selling the stationary turned into kind of a booming. Busy started making about three hundred bucks a month selling stationery so so from then on his money. Problems got a lot better. The stationery business became the first in a long line of profitable enterprises for George. He graduated in nineteen forty eighty and spent the next four years serving in the Army Corps of Engineers during World War. Two after the war ended he moved to Houston to work in wool. It was a good time. I'm to be striking into the business. The decade following the war was the heyday of the Texas woman. All across the state newly rich wildcatters were building temples of wealth from art museums to lavish hotels and Houston was the booming financial capital of the industry. This was a time when all men were putting tigers hikers in their backyards and steamboats and they're swimming pools as stunts. There were several outsized personalities in Houston but there are a few in particular killer who came to embody the stereotype of the wildcatter often found strutting through books TV and film one. Was Glenn McCarthy the hard drinking old man who inspired the character Jett rink giant McCarthy poured a ton of his own money into a massive new hotel outside of downtown Houston the opening of the shamrock hotel in nineteen forty nine is still considered by many historians to be the biggest social event in the city's history McCarthy had it decorated in sixty three shades of green as a no mosh native Ireland but not everyone was impressed when famed architect architect Frank Lloyd Wright visited. He reportedly pointed at the lobby ceiling and said to one of his apprentices. That young man is an example of the effects of venereal nereo disease on architecture. Of course McCarthy wasn't the only big name in town there is also red. Smith be was very wealthy. Leave very well known and he actually helped bring the Colt forty five's to Houston. They became the Astros and he actually had a hand building the astrodome. A hell helping get. That process started. The astrodome would become known as the eighth wonder of the world shape of things to come. Our National Sport as baseball season gets underway eighty spanking new astrodome. The new thirty one million dollar home of the Houston Astros a Dome Stadium. Nearly fifty thousand for a baseball game and more conventions and meetings Mitchell didn't have the personality to match some of the other woman in the city in fact quite the opposite he was kind of quiet almost shy in a lot in cases but he became clear right away that he had a knack for reading rock and sniffing out oil. What you see early on his in his career is that a a lot of big names in the business guys gene McCarthy Red Smith? They learned pretty quickly. This guy can find oil at one point. Red Smith had an IFFY prospect prospect in the Texas panhandle. And he wasn't quite sure what to make of it so he farmed it out to some geologists just to see what they would think and most ovum said. Oh don't bother. It's going to be a dry hole. George said No. I think you should drill. I think she drill despite or whatever and so did and and it turned out to be a pretty significant find aligned and so from that moment on Red Smith was like okay. I want you looking at my stuff george and his brother Johnny eventually decided to start their own business. Together and Smith became one of their biggest investors that company later grew into the Mitchell Energy and Development Corporation while other oilmen partied at McCarthy's shamrock. Am Rock Hotel. George would spend his nights pouring over drilling logs looking for potential strikes. He'd passed those funds onto his brother. Johnny who is is a lot like their father charismatic outgoing Johnny would head down to the Espersen. Buildings drugstore a hub for a woman under thick clouds of smoke can over countless cups of black coffee. Johnny built their fledgling company one handshake at a time. The brothers business was touching. Go for a while. Here's George describing it years later to the Houston oral history project for May the well would go to the bank and bar. Someone against we loved rile with just back Cry And if the business his big break came from a Chicago bookie in the early fifties who claim to have a hot deal. George was skeptical but agreed to take a look. It turned out that what the book he had was a collection of seemingly worthless leases near Fort Worth and so so George looked at it and there have been thirteen. Dry Holes drilled on it in fact did kind of been known in the areas the frustration fields. There was a landowner their name Hughes his And he really believed that there was oil under his land but nobody could find and So he kept Tom. Just keep drilling boys. You'll find it you know. And they never ever did and so George looked at it and he realized that that he was pretty sure that they had actually missed it. They drilled right through the deposit the right through the the gas deposits and they were drilling too deep. Basically they reopen those thirteen wells and George turned out to be right. Ten of them produce news in fact they're still producing natural gas to this day. That was their big fight and once they realized what they had they had about three hundred acres that they at least with that project check and they immediately went out. At least I think it was three hundred thousand acres so they took this huge chunk land Before anybody really knew what was going on which is of course what you do to get a good price and so that really became the crown jewel a company that carried them through the nineteen nineties at the time. Natural gas wasn't worth much but George so it's potential hebr addicted. It would become the fuel of the future. He struck a deal with the natural gas pipeline company which was selling gas to Chicago go for heating because Chicago was such a huge market. The company needed a major guaranteed supply. George could promise them that and in return you fetch a high price for the gas so he was selling this gas to Chicago at above market prices and it was a thirty year contract or something like that so we locked in these these really high prices for very long time and then because he had his own gas plant he would strip out a lot of these byproducts. Fa and things like that and sell them to the chemical companies on on the Gulf coast near Houston so he really kind of you know maximized what you could do with this one property. This deal was the bedrock for all of Georgia's future success. Lauren calls it Mitchell energies. ATM as you might remember from episode three. It was there that the Mitchell actual engineers spent almost twenty years trying to crack the code of how to use fracking to open up shell formations when they finally succeeded in nineteen ninety eight that same region that was once called. The frustration fields became known as the prolific Barnett Shale. It's one of the largest natural gas this deposits in the United States and its enlarge part. Why in two thousand and two George was able to sell his company for over three billion dollars others? But we're other oiling. Gas Tycoons might have immediately jumped into their next big money venture. George went in a different direction. We choose to go to the moon and this decayed and do the other things. Not because they are easy but because they are hard because that goal well-served to organize and measure the best of our energies and skills when President Kennedy gave his famous Moonshot speech in nineteen sixty two. John was standing inside a packed stadium at Rice. University smack DAB in the middle of Houston. George Mitchell's adopted hometown. I don't know if George Orange was there that day but throughout the sixties as NASA was broadcasting the first pictures from the Apollo missions of what Earth looked like from outer space people. The world world over began to think about sustainability with the newfound urgency. You I'm all for man..

George George Mitchell Houston Johnny Johnny Red Smith Glenn McCarthy Texas Houston Astros George Orange Louisiana Chicago Gas Tycoons Army Corps of Engineers tigers Sam missio President Kennedy tennis baseball
"mitchell energy" Discussed on Boomtown

Boomtown

11:32 min | 6 months ago

"mitchell energy" Discussed on Boomtown

"For a long time. It looked like Mitchell's doubters. Right years passed without promising using results. It really took like a lot of trial and error and the company had almost given up. Actually the company was going through tough times they had layoffs. The pressure on Mitchell will was mounting was big conflict within the company by that point that they wanted to just shut down the whole project because it was just a waste of money. Engineers and Mitchell's company dreaded getting getting stuck on the fracking project. They called it Mitchell Siberia. But one of the engineers a soft-spoken thirty one year old name Nick. Stein's Burger decided decided to make the best of it up to that point. Mitchell energy had been using inexpensive jill to blast into the shell along with sand but Stein's burgers started questioning the basic ingredients. That's when he happened to attend a Texas Rangers Baseball game with a few friends from the industry and they told him. Oh yeah they had done this fracking job in East Texas where they use water instead of gels cycle. That's kind of crazy. Water is not supposed to work because it won't hold the sand in place I can work. Stein's Burger Convinced Mitchell energy to let him try something new on three wells he'd use a water based concoction instead of jail. All three wells were failures but he started thinking about it and he he realized what if you tweak the recipe what if you don't put all the sand and it wants if you know and so he convinced them to give them three more and they basically said okay but this is it. It was a true Hill Mary and so he tried to the the last three. And one of them Just was off the charts so they realized they had something. After almost twenty years of trying and failing Mitchell's project project finally paid off and it paid off in a very big way in two thousand one. Mitchell sold his company to Devon Energy for three point one a billion dollars soon other companies were applying the same fracking techniques to wells in the Permian Basin. We we always knew there was oil on gas in shale but nobody knew how to get it out and so the fact that it was there. It didn't matter you had to sort of wait for it to migrate into softer more. Porous rock like limestone and and that took thousands of years so Once once it played out it was played out and everybody was thinking in the mid two thousand by two thousand seven owner. So we'll the premiums pretty much done I mean we've taken all weekend from it. And then fracking enabled companies to go in and find a whole new level of reserves. I that that are even bigger than what was before so it was really unbelievable. It's really that the innovation of fracking combined with Donald Drilling of course which is what enables tale to become commercially. Viable horizontal. Drilling was yet another game changer. On the hills of the fracking innovation. Lauren explains it like this. Think think of the oil producing rock formations underground as a form of layer cake. You actually drill down and find L. Era frosting and then you angle the dro bed and you just go along it as you drill horizontally into that layer of frosting you can now suck the frosting from the entire layer. Add this technique to fracking. And you get more oil a lot more oil. It just so happened that at the time all prices were high and remember. It's two thousand eight by now. All the financial crisis was in full swing which meant that interest rates had been pushed. Historically low. All companies could send Li Afford to borrow tons of money to try out these new fracking drilling techniques. The shell boom was on in two thousand twelve stories of the boom reached. Chm Me while I was attending Grad School in Ireland. I had racked up some student debt while abroad so I decided to return home and earn some money in the patch. A spent two thousand and thirteen working for a small independent oil company Andrews. My duties included hauling parts too far flung locations and rough necking on a workover rig. I think if you don't know what a workover rig is don't worry we'll get into that in the next episode but by the end of that year I'd made a pretty good dent in my student loans. But after a few close calls on the rig and too many eighty hour workweeks out in the elements. I decided to retire from the old patch. It turned out to be a good time to get out of the oil industry OPEC responded to the US. Shell boom much like they had responded in the eighties. By flooding. The market with Middle Eastern oil in January two thousand fifteen the price of West Texas crude Sancta less than half of what it had been a year before purse-strings across West Texas Titan and by a December two thousand sixteen more than one hundred American oil and gas companies almost half of them based in Texas had filed for bankruptcy some workers. Who would come to to the region seeking their fortune abandoned their vehicles at the Midland airport before they boarded their flight back home is seemed as if the Permian Basin had finally only seen its last big HURRAH? Then something happened that had never been seen in the region's long history of booms and busts. Despite the low price of oil drilling in the Permian began to pick back up for one thing fracking and horizontal drilling became even more efficient in fact some estimates tomat- that all could drop to his lowest thirty three dollars per barrel and sinking new wells and certain parts of the Permian would still be profitable a scenario. That would have been pretty much unimaginable. Maginal just a few years ago. Another key factor was the lifting of a forty year embargo on crude oil exports. The order was signed by President. President Obama in December two thousand fifteen. Remember this clip from episode one. That whole suddenly America's like the biggest oil producer. That was me people. I just want you to so just say thank you please. Permian production has since rocketed from two million barrels. A day in two thousand in sixteen to more than four point five million barrels per day this November over the next four years industry experts expect the output to double again You know we're producing more oil that Saudi Arabia. Now I mean who would have thought that was possible especially in an area where we've been producing since we you know. What the Nineteen Thirties thirty? I mean You know everybody kind of thought that that department was done and now it's back bigger than the Permian now has a legitimate claim to being being the world's most productive oilfield even industry experts such as. Dr Hinton are stunned by the magnitude of this boom it really is true. The United States is now a bigger producer of oil and gas than any other country in the world. Our energy future changed one hundred eighty degrees the last two decades. We're in the position of actually being the global swing producer. We're actually in a position of doing. What the Saudis have been able to to do for a half century last November marked the first time in seventy five years that the country exported more crude oil and other petroleum liquids than imported a milestone? That's been lauded by officials across the country as an important step toward energy independence. Here's David Arrington. America has has been so successful and particularly here in the Permian Basin. We've been so successful in. Our wells are so good that we've actually rocked the world economy enemy one Windy Day last April Vice President Mike Pence torch drilling rig outside of Midland with an American flag whipping in the wind behind behind him hints stepped up to a podium and address. The small crowd assembled around to be West. Texas harm. mm-hmm energy renaissance. It's really kind of upended everything. Because we're now in a position in where we don't have to be at least as beholden to Middle East oil producers as we were in the past the way business is done in the Permian has also changed forever. Gone honor the days of wildcatters like Dave Harrington and his predecessors many of the younger big money guys are more akin to Silicon Valley Tech brose young a young Shell annuals as they've been called are more like realtors and hedge fund capitalist than the old school swashbuckling wildcatters relying on guts and grit it to make their fortunes today. ARRINGTON keeps an office in the chase building in downtown midland which overlooks the city. smattering of other tall buildings. His company which takes up the fourth-floor looks more like an art gallery than an oil business. Massive black and white ansel Adams prince line the walls in the floors gleam like Polish Mar Arrington explained that his current boom is different from any. He's seen in the past. He says the drilling for all these days is more more like a mining operation than the hit or miss crap. Shoot it used to be companies have been buying up as much land in the region is possible knowing they can drill horizontally. Get all one way or another that mostly eliminates the risk of drilling dry hole in plenty of operators have been emboldened by this. I would have people come to my office and show me at Dale and I would explain to them. That was a little more risky and cost more money than I would be willing on doing. And and then inevitably it was a young person and I would ask them if they've ever done a bad deal and they look at me like this is crazy and I wish shaw had speaker and a camera in the elevator. Because I'm sure when they got Alabama. They were laughing at me about that crazy. Oh man doesn't know what he's talking about. In most. At the time I was wrong and they ride. They made money on. It went down the road. It was bizarre because of the recent innovations in drilling officials in the permian like to say that busts are thing of the past but there are plenty of risks that have to be accounted for. We'll talk more about this shaky financial ground of the industry three in the later episode but the truth is there's a lot more to the old business than what's buried in the earth and today there are some signs that the hottest boom in history is beginning to cool off both independence. A major oil companies have already slashed their spending budgets for the next year So you're seeing the rigs being dropped which means there's less work so that means there's more pressure on all the service companies to make up for glossed prophet. We're going to get laid off. And so that really does make difficult for the market in general so there are a lot of people to spend a lot of money that we're GONNA actually lose while technology may have decreased the risk of drilling a dry hole. There still no guarantees in the oil business Improv side there is of course increasing pressure to move away from fossil fuels. Renewable energy is increasingly competitive. It's possible that the world will turn. Its back on all long before the last the drop is sucked from the Permian one truth. That's held steady for nearly one hundred bridge years. Is this in the Permian. The next bust is always around.

Mitchell Permian Basin Stein David Arrington Mitchell Siberia Texas midland Texas Rangers United States America Donald Drilling Burger Devon Energy
"mitchell energy" Discussed on Boomtown

Boomtown

09:24 min | 6 months ago

"mitchell energy" Discussed on Boomtown

"Up in that area and on nearly every block there would be a foreclosure site for sale foreclosure for sale for closure for sale for closure but the thing that sticks in my mind most is land. We went up to a new shopping center on North Big Spring. It was called mission in square in one thousand nine hundred eighty seven in March and the tumbleweeds were up to the EAVES. Now I had never seen anything like that before in my life for one thing I had never seen that many tumbleweeds in one place in life but it was absolutely unbelievable. This is the Permian Basin. I grew up in. I never knew the good old days of gushers extravagant wealth I was a child at the bust lost. My Dad was born in nineteen sixty four and grew up on a small ranch near Andrews like many of his peers. He started working in the oil field while he was still in high high school but after he graduated the bus in Nineteen eighty-four forced him to look elsewhere for work. He went west to Arizona later to California drawing a paycheck H.. Check by working on construction sites. The months after I was born in nineteen eighty eight my parents returned to Andrews. My Dad took a job with the city. One of the few employers in town steady work as I grew up in Andrews the oil fields that surround. The town became an extension of my playgrounds. My my friends and I would shoot coke bottles. In those fields. We dug elaborate trenches between the mesquite trees through dirt claws at rattlesnakes. We rode our a bike for hours. Down Dusty Rhodes and ate our sandwiches in the shade of Fiberglass tanks my elementary school and other schools in Andrews were renamed after the various rock formations that blessed the town with crew. During the summer we watch Midland's Minor League baseball team. Their Mascot Ascott was Iraq counts West Texas sling for the geologist to hunt for crude. When I was a kid people were more likely to leave of Andrew's than to move in a few visitors who came to town wrinkle their noses at this hour stench of gas but the smell really didn't offend in Minos I'd grown accustomed to it when there is a strong whiff of it on the win I just mimicked? The elders and take an exaggerated sniff. Smells like money. In High School. We heard the city kids had house barks. We did things a little differently. We had pump Jack parties on a Friday night. Someone would say meet me after the game at the Bush machine and everyone knew exactly which pump Jack they were talking about on one of these weekend nights. A buddy of mine decided to ride the Bush machine he straddled the pump Jack like it was a bucking bull and like a real the pump Jack Buck democracy. He sprained his wrist. Pretty bad from the fall but most nights passed without incident. Just a few bored. Teenagers are trucks parked Arctic circle around a pump. Jack Drinking Beer we had stolen from ice chests left in the beds of company trucks. Listening to George Strait or Tom Petty Smoking Marlboro Twenty Sevens and talking about what we were going to do when we left this town. Of course back when I was still a kid I had no notion of how geopolitics uh-huh politics affected the fortunes of Andrews. How the economic principles of Supply and demand could make it harder for a local family to put food on the table? But my friends and I got used to hearing the dolts discussed the price of West Texas crude. The Way folks in other places talk about the weather. It didn't take long for us to understand. Understand what those figures mint. We grew up on stories about former boom times and heard plenty of horror tells about previous busts stories stories of men killing themselves on the patch after losing everything. There's one story that stuck with me. A friend's Dad told us that he wants drove to drilling location location in a remote part of the patch when he pulled up a white company truck was parked there. He noticed a hose running from the exhaust pipe into the CAP. There was a man slumped over in the driver's seat. The trucks speakers were still blasting aerosmith's dream all the dead man had put the song on repeat for the fumes made him pass out throughout the nineties. Midland's independent companies. He's had just plotted along many of them getting by on the oil coming up from wells. They'd already drilled by nineteen ninety nine. Most of the major companies like Exxon sonning Gulf had vacated their West Texas offices. They'd given up on the Permian. Just forty three rigs were left working across the region. Even David Arrington Barrington decided to sell most of his perm properties. But by the mid two thousand there was a major paradigm shift in the industry. Ever heard of fracking working. Well it all started with a quiet unassuming Texas oilman named George Mitchell. George Mitchell didn't invent hydraulic fracturing drink or fracking. It was first attempted in the late forties. The Permian Basin Petroleum Museum in Midland is a multi million dollar owed to the history of the Texas Zoll. Business it even has its own hall of fame a place to enshrine those who've made the most profound contributions to the oil and gas industry. I've spent a a good deal of time at the museum and often passed the portrait of George Mitchell. We'll talk about Mitchell more in a later episode but for now. Here's the most important thing to go about him. Combined with horizontal drilling George Mitchell's fracturing technique caused a new boom in the industry and has been called this century's biggest and most important Korten energy innovation which is quite a claim but in the annals of famous oilman George. Mitchell doesn't quite fit the stereotype. I don't actually know where he is physically in the hall of fame But I would imagine he's kind of off you know in a quiet corner somewhere. Ramming that's author Lorne. Steffi who recently published a biography of Mitchell's. It's kind of by the way Lauren was joking. Mitchell's legacy is presented center stage at the Petroleum Museum right alongside the other classic Boisterous Texas oil at least figuratively speaking. You know he didn't have this kind of larger than life personality. He wasn't Glenn McCarthy. He was an Oscar. Wyatt or Boone pickens or any of these guys is. He didn't have that kind of swaggering image. You know big hats big boots you know money flying out the window as you drive down the road. That wasn't him at all. But what Mitchell acton swagger swagger he made up for envision Mitchell is often called the father of fracking fracking was basically a process of just cracking open rock to so you get more oil gas out of it. I'm sure you've heard the term thrown around. But fracking differs from conventional drilling in a couple of key ways. It's just briefly. Describe that process I will. I will do so with a disclaimer that I am not a petroleum engineer or geologist. So I will tell you by understanding of it in you know from interviewing those people but basically you know with a conventional well you. You've drill vertically down into a reservoir which is sort of like puncturing underground balloon almost and oil the pressure forces you allow with fracking. You're trying to open up shale formations. which are it's kind of like drilling into a blackboard? It's very dense rock. And once you drill the hole then you inject water sand and and various chemicals into the well bore and an and that then causes tiny fractures to occur in the shale the water sheets into those fractures to sand the grains of sand actually propped them open. That's how small they are and oil gas is able to to come out right one. One thing I hear repeated out in West Texas a lot is the concrete in your driveway. Way Is is more porous than what we're getting oil out of these days fracking itself wasn't new technology. It had been used in some primitive capacities all all the way back to the late. Eighteen hundreds but George Mitchell believes that with fracking. You could unlock those stingy. Shell formations beginning in nineteen eighty one Mitchell's company. Mitchell energy began experimenting with fracking formulas. In Barnet Shell which is a natural gas producing region west of Fort Worth at the time. I'm a lot of the folks in the industry. Thought he was crazy. And you know there are a lot of skeptics. Even within the company they just didn't think it was going to work but they they kept at it because because Mitchell energy was a unique company was publicly traded but George Mitchell had Basically overriding voting stock. So he had the final say on everything. Everything that happened you know. Most public companies would have to keep their shareholders happy but in his case if you bought a commonly traded share of Mitchell energy you were basically we buy into Georgia vision and and you better like it. Because you know he wasn't GonNa Waiver and so he was determined to keep this going because he felt like if we can find gas where we already we have all this infrastructure that our problems are solved right. We can keep this.

George Mitchell West Texas Midland Andrews Mitchell acton Permian Basin Texas North Big Spring George Strait EAVES Arizona Dusty Rhodes geologist Permian Basin Petroleum Museum California Glenn McCarthy Permian
"mitchell energy" Discussed on 77WABC Radio

77WABC Radio

08:44 min | 10 months ago

"mitchell energy" Discussed on 77WABC Radio

"That the US can be energy independent it's re awakened the American economy for the twenty first century hydro fracking is the story but behind that very careful word it's broken down now is fracking our characters sometimes called wildcatters man some of them are leaving us some of them now have children who are in the business who had a dream to be rich really rich and to control their fate with oil or with natural gas and they pursued it against all reason in the twentieth century again and again they were told they were wrong they were wasting their money they were throwing their investors money away their stocks were crashing for reason they were idiots the majors laughed at them a new book a book filled with comedy and at the same time lots of lessons about how to get rich and what it means in the United States here in the twenty first century it's called the fractures the outrageous inside story of the new billionaire wildcatters and everybody who's not a billionaire who hopes to be one some day Gregory Zuckerman whose major correspondent for the Wall Street journal over what's important here is that Gregory went to the oil fields went to the natural gas fields Oklahoma and Texas is what we're focusing on although we will speak of the Bach in in the Dakotas and Montana went to that and met these men who are remembering their lives many times they come from Shaq's from poverty from hard Scrabble and over the course of one life in the twentieth century what you see is a revolution not only for Texas and Oklahoma but for the United States of America and the world Gregory congradulations and let's go to this wonderful moment to make sure everybody understands you can't believe this unless it really happens it's fifty two. nineteen fifty two a bookie a guy who takes bets he's in Chicago he has a tip about a natural gas field in Texas place called wise county. there's a ranch there he gives that tip to an investor in George Mitchell's oil company the investors name is Louis Pulaski George Mitchell has to deal with this tip is that while chatting in fifty two is that what it looks like you get tips from Chicago good evening to you correct Hey good evening and it was a an interesting world people taking risks taking chances rolling the dice and people like George Mitchell sometimes took the risks and it paid off for for for you and that's why I write about in yeah that's what happened in the fifties George Mitchell running his own the natural gas company called on Mitchell energy and he got a chip in he would also have to go you know when you get a tip from a book in Chicago about a an oil field or a gas field and in Texas his reason for skepticism and a Mitchell goes with it and so let's go back to the beginning if you have to know where George Mitchell comes from to understand at least one version of how we got to hydro fracking it's Mitchell and his he hunches his willingness to go with other people's instincts that creates this revolution in American economy is not Mitchell he is in fact the son of a man who came to America as periscope op lists and I believe one day one of his foreman said I can't say your name anymore from now on you have the same main name is me Mitchell what is George remember what did George remember about his father about his roots so George Mitchell he's a very American story many of the characters in my book are either immigrants or rags to riches kind of stories or older people finally finding success in their careers late in life and so George Mitchell as you suggest he was the son of a poor Greeks gold heard who immigrated to America got off the boat they sent him to go work on the rails to build our nation. the rail system like many immigrants in as you as you say one day his is form and the pain after was frustrated with trying to pronounce as long Greek name and so George Mitchell's father said well what's your name he said my name is Mike Mitchell so he said alright I'll be Mike Mitchell to he became like Michelin assigned was George Mitchell and that's where George comes George has a brother and early on Georgian Johnny Johnny is a colorful character who mocks George I learned from Greg because he doesn't know how to dress they form a oil oil company with the shocking name of oil drilling incorporated this is in Houston I believe a Texas in the nineteen forties and what was wild padding in those days did they work for people sometimes yes and no no these guys had a hunger to fines oil gas in this country it's very much will be like a a Dallas kind of tale where they they had a hunger sometimes excessive confidence that they could find a new formations full of energy and but they were very good geologist especially George and he had a had a sense it's like in any profession where some of you have to have a knack for success and he did George Mitchell it sounds different gas formations and other people were skeptical he was able to find it and they slowly build their company and eventually was really just George Mitchell running it in the and by the early eighties he realized that they were running out of natural gas and they had a big contract they had to deliver about ten percent of all the energy of the gas requirements of Chicago and they didn't want to not be able to fill that in the country were gone under so they basically needed to George Mitchell had to find some new deposit of natural gas rolls his company was done there's logic here because the hydro fracking revolution is born of necessity now we're going to do some engineering talk because Greg spends time giving us the. origins of the word that we use today fracking F. R. A. C. K. I. N. G. fracking are short for hydro fracking I thought I'm wrong it originally was a concept of completing what was that Greg. well yeah the whole idea of another step back for for listeners cracking sound sort of complicated but it just means pummeling this rock with some sort of cocktail we can discuss how it changed over time but basically a combination of water and chemicals in sand on the whole idea is to create little fractures little fissures in the rock that will allow natural gas and oil to escape into be to come up to the surface after the well bore through by drilling and yeah the fracturing process is really just completing it that the and they and and the people in the in the world in that world don't like to fracking terminology don't like that people call it fracking they see it as a negative word it does rhyme with some some other kinds of words that are not positive words so they they always kind of Blanche when you when when you say the word fracking but that's the way it's been described and needs to use it without the K. so was F. are a CD without the K. and then over time the K. was added and now we also all people talk about this a lot of controversy obviously a let's say let's have some fun with this because petroleum the word itself Petra drop rock oleum oil all oil comes from rock we now read it and believe it or not John Wilkes booth the assassin of the president of the United States in the eighteen sixty in eighteen sixty five he killed Lincoln but before that he was an early version of a wildcatter they were part of the original discovery of how to get oil out of the ground this goes back to fifty nine the Rockefellers the first time they drilled a well in Pennsylvania the oil near the surface was in rock and you had to release it to you board into the ground this begins the discovery process of how to get oil out of the ground what I learned from Greg is that the wildcatters of the late twentieth century with the easy oil disappearing or at least the peak oil concept floating in front of everyone. they took that concept and said what if we go deeper what if we find another way to not just bore but to release the oil in the rock and that's where we're headed we're not going to do all of oil discovery since eighteen fifty nine we're going to go to the concept of completing your hydro fracking as George Mitchell sought because Mitchell's at the there at the beginning Gregory so come the book is the fractures the outrageous inside story of the new billionaire.

US one day ten percent
"mitchell energy" Discussed on WMAL 630AM

WMAL 630AM

08:52 min | 10 months ago

"mitchell energy" Discussed on WMAL 630AM

"The energy revolution in America within these last five or six years has not only reawaken the possibilities that the US can be energy independent it's re awakened the American economy for the twenty first century hydro fracking is the story but behind that very careful word it's broken down now is fracking our characters sometimes called wildcatters man some of them are leaving us some of them now have children who are in the business who had a dream to be rich really rich and to control their fate with oil or with natural gas and they pursued it against all reason in the twentieth century again and again they were told they were wrong they were wasting their money they were throwing their investors money away their stocks were crashing for reason they were idiots the majors laughed at them a new book a book filled with comedy and at the same time lots of lessons about how to get rich and what it means in the United States here on the twenty first century it's called the fractures the outrageous inside story of the new billionaire wildcatters and everybody was not a billionaire who hopes to be one some day Gregory Zuckerman whose major correspondent for the Wall Street journal over what's important here is that Gregory went to the oil fields went to the natural gas fields Oklahoma and Texas is what we're focusing on although we will speak of the Bach in in the Dakotas and Montana went to that and met these men who are remembering their lives many times they come from Shaq's from poverty from hard Scrabble and over the course of one life in the twentieth century what you see is a revolution not only for Texas and Oklahoma but for the United States of America and the world Gregory congradulations and let's go to this wonderful moment to make sure everybody understands you can't believe this unless it really happens it's fifty two. nineteen fifty two a bookie a guy who takes bats he's in Chicago he has a tip about a natural gas field in Texas place called wise county. there's a ranch there he gives that tip to an investor in George Mitchell's oil company the investors name is Louis Pulaski George Mitchell has to deal with this tip is that while carrying in fifty two is that what it looks like you get tips from Chicago good evening to you correct good evening and it was a an interesting world people taking risks taking chances rolling the dice and people like George Mitchell sometimes took the risks and it paid off for for fewer than that so I write about in yeah that's what happened in the fifties George Mitchell running his own a natural gas company called Mitchell energy and he got a chip in he was a skeptical you know when you get a tip from a book in Chicago about a an oil field or a gas field and in Texas his reason for skepticism and a Mitchell goes with it and so let's go back to the beginning if you have to know where George Mitchell comes from to understand at least one version of how we got to hydro fracking it's Mitchell and he is he hunches his willingness to go with other people's instincts that creates this revolution in American economy is not Mitchell he is in fact the son of a man who came to America as periscope opulence and I believe one day one of his foreman said I can't say your name anymore from now on you have the same main name is me Mitchell what is George remember what did George remember about his father about his roots so George Mitchell he's a very American story many of the characters in my book are either immigrants or rags to riches kind of stories or older people finally finding success in their careers late in life and so George Mitchell as you suggest he was the son of a poor Greeks gold heard who immigrated to America got off the boat they sent him to go work on the rails to build our nation's. the rail system like many immigrants and as you as you say one day he is in the form and the paymaster was frustrated with trying to pronounce as long Greek name in so George Mitchell's father said well what's your name he said my name is Mike Mitchell so he said alright I'll be Mike Mitchell to he became like Mitchell and his son was George Mitchell and that's where George comes George has a brother and early on Georgian Johnnie Johnnies a colorful character who mocks George I learned from Greg because he doesn't know how to dress they form a oil oil company with the shocking name of oil drilling incorporated this is in Houston I believe a Texas in the nineteen forties and what was wild cutting in those days did they work for people sometimes yes sometimes no these guys had a hunger to fines oil gas in this country it's very much will be like a a Dallas kind of town where they they had a hunger sometimes excessive confidence that they could find a new formations full of energy and but they were very good geologist especially George and he had a had a sense it's like in any profession where someone had to have a knack for success and he did George Mitchell it sounds different gas formations and other people were skeptical he was able to find it and they slowly build their company and eventually was really just George Mitchell running it in the and by the early eighties he realized that they were running out of natural gas and they had a big contract they had to deliver about ten percent of all the energy of the gas requirements of Chicago and they didn't want to not be able to fill that in the company were gone under so they basically needed to George Mitchell had to find some new deposit of natural gas rolls his company was done there's logic here because the hydro fracking revolution is born of necessity now we're going to do some engineering talk because Greg spends time giving us the. origins of the word that we use today fracking F. R. A. C. K. I. N. G. fracking are short for hydro fracking I thought I'm wrong it originally was a concept of completing what was that Greg. well yeah the whole idea of I think is that back for for listeners fracking sound sort of complicated but it just means pummeling this rock with some sort of cocktail we can discuss how it changed over time but basically a combination of water and chemicals in sand on the whole idea is to create little fractures little fissures in the rock that will allow natural gas and oil to escape into be to come up to the surface after the well bore through by drilling and yet the fracturing process is really just completing it at the and that in and the people in the in the world in that world don't like the fracking terminology don't like that people call it fracking they see it as a negative word it does rhyme with some some other kinds of words that are not positive words and so they they always kind of Blanche when you when when you say the word fracking but that's the way it's been described and needs to use it without the K. so is F. R. A. C. E. without the K. and then over time the K. was added and now we also all people talk about this a lot of controversy obviously I let's say let's have some fun with this because petroleum the word itself Petra drop rock oleum oil all oil comes from rock we now read it and believe it or not John Wilkes booth the assassin of the president of the United States in the eighteen sixty in eighteen sixty five he killed Lincoln but before that he was an early version of a wildcatter they were part of the original discovery of how to get oil out of the ground this goes back to fifty nine the Rockefellers the first time they drilled a well in Pennsylvania the oil near the surface was in rock and you had to release it to you board into the ground this begins the discovery process of how to get the oil out of the ground what I learned from Greg is that the wildcatters of the late twentieth century with the easy oil disappearing or at least the peak oil concept floating in front of everyone. they took that concept and said what if we go deeper what if we find another way to not just bore but to release the oil in the rock and that's where we're headed we're not going to do all of oil discovery since eighteen fifty nine we're going to go to the concept of completing your hydro fracking as George Mitchell sought because Mitchell's at the there at the beginning Gregory's document the book is the fractures the outrageous inside story of the new billionaire.

America US one day ten percent six years
"mitchell energy" Discussed on Sidenote

Sidenote

03:07 min | 1 year ago

"mitchell energy" Discussed on Sidenote

"Hey, I Mitch and dime. Greg. And this is side note podcasts were every episode. We tell stories about and then debate a controversial topic, and then research and spice in all the science and mind-blowing information throughout so you are entertained while simultaneously learning. The side notes today will be presented by Rachel. Hey, friends. Let's get into it. Today. We are doing things a little bit differently. With me in the booth is a gust host named Mat Rogers who was one half of the amazing podcast called last. Call tree says he does it with his friend Boeing Yang. It's a hilarious podcast, in fact, sometimes even insightful and you're bringing it to two okay? Talk about pop culture, they have celebrity guests comedian guests. We are obsessed with this podcast. So make sure you check it out. Subscribe to it. It's called last culture says L A S, like floss culture. Does they also are really good at talking about queer culture. Which is why we thought it was important to have Mat Rogers on today's episode as we speak about the gay hookup app. Grinder matinee are gonna talk about what we learned this week were then going to tell stories about our. -periences with grinder. And then we're going to get into a debate about whether or not we think this type of social media is good or bad for society. And just a warning we are going to be talking about sex a lot on today's episode. So for whatever reason, maybe you're in the car with children or something like that. And you think that maybe this won't be appropriate? Then switch on over to last culture says that's a great idea and laugh and cry and enjoy. Hey. I'm doing good. Very happy. See you and my nation. Yeah. Nice fresh they use so much. I guess I should stay a little plug right now. I am wearing a shirt from ever. I love my sponsor ever laid on my pod logical trees, they're not paying us yet. But we'd love nobody. You know, what here's how you put it into that machine. You have me come on. And spill the true T, which is that this clothing is one hundred percent ethical while and cycle fabric. It's a rugby t it's like is that dark grain? What does that? It's very winter. It's dark all of the darker. Exactly. While of course, honestly. And here's the thing is like I dunno limits will come out, but it just got unseasonably cold to New York. I was excited to be here for the I know people were for regain it was not it was not not a chaotic moment. I have to say one thing I feel that we are the same energy. I feel like maybe I should try to give them Mitchell energy. I know and it's like. Well, they can be this is just going to be loud. Turn your volume. Does. Like, you know, what money we're going to be peaking, Greg? That's so true before we get good chaotic chaotic good in that whatever that thinks I still don't really understand that it. I don't go to do. Oh, we learned this week. So a new study came out they took five hundred thousand people and through twenty three and me they studied their genes. But also of these five hundred thousand people that ask them who has had sex with the same sex. So this means it's not necessarily people who identify as gay. They could be bisexual. They could be identified straight and have had sex with the same sex in a moment. Did they have a moment with haulage the time? Switch it up. Yeah. Exactly. So in a moment, so, but you can also expected there would be a lot of openly gay people in this category to you..

Greg Mat Rogers Rachel Boeing Yang New York tree one hundred percent
"mitchell energy" Discussed on KTRH

KTRH

07:05 min | 1 year ago

"mitchell energy" Discussed on KTRH

"Thank you. Glad to be here. Thanks for the opportunity. Tell me a little bit about the company itself in your role is a management consultancy. You look at our history. We were the first founded around the turn of the century by a group of scientists who shared by. Henry Ford helped him come up with his assembly line processes, and since then we have we've grown global footprint about fifty offices around the world. Focusing on energy and a few other industries are energy practice. About a quarter of our revenue, and we work with a whole variety of energy utility companies from super majors to independence to oil spill service firms on issues around strategy. Our topic today is digital and grow. Recently. He's been doing work for a number of the independent shale producers, and you need to focus on their issues around embellishing in the Permian basin part of the background that work. We commissioned the. The study just to walk the demand that the accumulated growth ambition in the workplace on infrastructure so roads demand for water sand. Our? Accommodations, emergency services, etc. And. Know, that's the that's the the summary that you haven't. That'd be happy to talk about a detail. I think one point I would like to make is you look at the history of the oil and gas. Industry development from the turn of the century. Until today. I do not believe that the industry. Has experienced yet. The the nature of the explosive growth in the Permian basin. Literally. Forty thousand wells will be drilled over the next five years veteran. Ambition is a cheaper production will rise to over five million barrels a day, which is greater than. Dacha of every oil and gas producing country up to Russia and Saudi Arabia. So it's a quite quite a demand. Right. And you know, we're going to get into the report in a little bit of detail here shortly. But I I do want to kind of bring in that what role has the independent operators played and what role will they continue to play especially pertain to Permian basin. Yeah. Show the raiders. Basically created she'll industry shale boom you go back to Mitchell energy which experimented with. Donald drilling and fracking in the eighties. So Mitchell became Devon. And that kicked off the first round shell developing, which I call shell one point which was fast moving entrepreneurial, well-funded independence. Spread out across the major shale basins in North America. Drilled a lot of wells identified. The best basement and began to establish production. So. Oh. Credit to the independence for creating Michelle industry. Now. They will continue to play large role in a probably a majority role spending capital to continue develop the the major basins, including the Permian. But. The majors were laid the shield are now beginning to to enter the industry, and I think what they blame the industry, which maybe is an area for opportunities for independence to learn and perhaps adapt their business is. Good about thinking globally in terms of where our most profitable markets, and where might we integrate? Janda wellhead to refining petrochemicals or other other uses of the energy, which I think is the Permian scale dot com. Ian, Hoyle, it's home. We'll be loud in North America. But in other markets such as Latin America, or maybe even more strongly the Pacific rim. Additionally have. About the the oil beyond the wellhead. And I really believe if you look at the changing dynamics in order to them to establish a capture the greatest value for their oil to do still need to begin to think globally where my where my go from corpus or Houston through the Panama Canal. Maybe a long term commitments to. Core. If you look at the pricing. The oil. Because of the lack of takeaway infrastructure and the lack of Marquette. Palm oil is trading today. Maybe at around a twenty dollar discount west Texas intermediate. So the big question is founded independent or even the super what actions might I think in order to to close that gap or no ultimately. Have capital premium for my highest quality, right? And, you know, Bob, when we return from break, I wanna get into the specifics of more complex issues that the shell independent developers are going to have to consider manage as they're moving forward, especially when we talk about the Permian basin, but we do have to take a quick break. You're listening to all patch radio show, and we'll be.

Permian basin Michelle industry Henry Ford North America Mitchell Permian Hoyle Industry development raiders Texas Marquette Donald drilling Latin America Bob Russia Panama Canal Devon Saudi Arabia
"mitchell energy" Discussed on KTRH

KTRH

07:23 min | 1 year ago

"mitchell energy" Discussed on KTRH

"Radio show. I'm your host, Kim Bilodeau. And today, we have a great show lined up for you. We are going to be joined by Bob Peterson who is a partner with Arthur D little in the energy and utilities section located in Houston, Texas, Bob, welcome to end the Patrick show. Thank you. Glad to be here. Thanks for the opportunity. Tell me a little bit about the company itself and your role is a management consultancy. You look at our history. We were the first founded around the turn of the century by a group of MIT, scientists who. Bye. Henry Ford to help him come up with his Timberline processes, and since then we have, you know, we've grown global footprint about fifty offices around the world. Focusing on energy and a few other industries are energy practice. About a quarter of our revenue, and we work with a whole variety of energy utility companies from super majors to independence to oil spill service firms on issues around strategy innovation. Our topic today is digital and grow recently. He'd been doing work for a number of the independent shale producers, and you need to focus on their issues around March evening there, I'm visiting in the Permian basin. And so as part of the background that work. We commissioned the. The study just to the the demand that the accumulated growth ambitions in the workplace on infrastructure, so roads demand for water sand power, accommodations, emergency services, etc. And you know, that's the that's the the summary that you haven't to be that'd be happy to talk about in detail. I think one point I would like to make is if you look at the history of the oil and gas. Industry development from the journey the century until today, I do not believe that the industry. Has experienced yet. The the nature of the explosive growth in the Permian basin. Nearly forty thousand wells will be drilled over the next five years veteran ambition. Is a cheaper production will rise to over five million barrels a day, which is greater than. Production every oil and gas producing country except Russia and Saudi Arabia. So it's a quite quite a demand. Right. And you know, we're gonna get into the report in a little bit of detail here shortly. But I I do want to kind of bring in what role has the independent operators played in what role will they continue to play especially pertaining to Permian basin. Yeah. So the independent operators. Yeah. Basically created she'll industry. Michele, boom. You go back to Mitchell energy experimented with wars. Donald drilling and fracking Mitchell became Devon. Kicked off the first brownish shell developing, which I call shell onepointoh, which was fast moving entrepreneurial well-funded independence spread out across the major shell base in North America. A lot of wells identified the best basement and began to establish production. So. Credit to you the independence for creating Michelle industry now. They will continue to play a large role in a probably a majority role spending capital to continue to develop the the major basins, including the Birmingham. But as you noted the cheaper majors who were laid the shield are now beginning to to enter the industry, and I think what they bring to the industry, which maybe is an area for opportunities for independence to learn and perhaps adapt their business. This is. Sweepers are thinking globally in terms of where are the most profitable markets, and where might we integrate yonder wellhead to refining petrochemicals or other other uses of the energy, which I think is. The Permian scale up commun- Hoyle. It's home will be loud in North America. But in other markets such as Latin America, or maybe even more strongly the Pacific, rim independence. Additionally, have not worried about the the oil beyond head. And I really believe if you look at the changing dynamics in order for them to establish a capture the greatest value for their oil produced. They will need to begin to think globally where my where my oil go from corpus or Houston through the Panama Canal, maybe long term commitments to. Background. Core. Currently if you look at the pricing. Permian oil because of the lack of takeaway infrastructure and the lack of Marquette's. Trading today, maybe at around a twenty dollar discount west Texas intermediate. So the big question is independent or even super what might take in order to to close that gap or no ultimately. Capture premium for my highest quality, right? And you know, Bob when we return from break, I want to get into the specifics of of more complex issues. The shell independent developers are going to have to consider a manage as they're moving forward. Especially when we talk about the Permian basin, but we do have to take a quick break. You're listening to in the oil patch radio show, and we'll be right.

Permian basin Michelle industry Mitchell energy wells Bob Peterson Henry Ford North America Texas Houston Kim Bilodeau MIT Industry development partner Arthur D Patrick Marquette Panama Canal Latin America
"mitchell energy" Discussed on Living Regret Free

Living Regret Free

02:53 min | 1 year ago

"mitchell energy" Discussed on Living Regret Free

"And you know, I mean, there's such a debate still about what, what is I- Antic and what is religious spirituality fall into all of this. So what is your opinion on that. Well, I don't think there's necessarily a conflict between the two. I mean, if you think of the universe is being one, then they're inherently has to be harmony between science and religion. And that was one of the things that really motivated John fetzer and it goes all the way back to his earliest days playing with a really, you know, primitive crystal radio set that he built back in one thousand nine, eleven nineteen, twelve, and he was fascinated by the fact that you could tune this thing in and pull, you know, voices and music and all sorts of stuff just right out of the air. And so he started speculating about, well, there's these electromagnetic radiation is out there. Perhaps they actually, if you, if you look at the spectrum of them, they shade off into more subtle energies and so these things are actually connected. So he was very interested, especially later. As life with his foundation in supporting research that hopefully would help to prove to demonstrate the harmony between science and religion, and the connection between spiritual and Mitchell energies. So how did he. Leave his legacy and his mission. I know he had a memorial trust and there's a better institute. So I mean, I have to tell you I had never heard of him before mcquaid with you. And how did he go about furthering his legacy and his mission? Well, the primary thing was he decided he was he I think he was always a little bit uncomfortable about the amount of wealth he managed to amass, and he always felt that there had to be a mission behind it. It just couldn't be simple money getting so Laden is life in his seventies and eighties. He decided to liquidate all his businesses and use that as an endowment for the fetzer institute, which he hoped would carry on his legacy, his his spiritual vision beyond his death which has, and within the fetzer institute also created something called the memorial trust. Which is designed primarily to basically preserve John testers legacy and my book essentially as one of the products of of the memorial trust. Well, that's talk about you, but we've got about five minutes left and I want to have you discussed the book and where people can get it and if they wanted to get in touch with you, how they would do that. So let's spend some time on that. Okay. Well, the book is.

John fetzer fetzer institute John testers Mitchell Laden mcquaid five minutes
"mitchell energy" Discussed on KQED Public Radio

KQED Public Radio

02:00 min | 4 years ago

"mitchell energy" Discussed on KQED Public Radio

"An oil and gas and courts of course there is another side to fraction there have been huge problems with some of the drill sites contaminated water and earthquake also tracking increased the supply of oil and push down the price which means were less likely to explore alternatives nick signs border says he's heard about this you know frankly is his misunderstood this country so much better off with the show boone and mounted schaub was among to economic revenue the security for a long time shortly after next cracking innovation mitchell energy it was acquired by a larger company knicks boss became a billionaire nick didn't even get a bonus but he's done very well he's still in the oil business and he works as a consultant stacy panic smith and pr news support for planet money comes from ti a yea whether it's investing advice banking of retirement ti is dedicated to helping those who teach humans sort of others achieve a lifetime of financial well being learn more at ti aa dot org you're listening to all things considered women news our next story is about to post a worker she deals with aggressively dogs and missing letters and all the other stuff a letter carrier usually deals with but her circumstances are pretty unusual and pr salute garcia navarro reports from rio de janeiro my hand the set him up close is a tying the fifty three year old pitches incredibly spry which i discover sp y no way to rios largest capela c so walking down the six three miami narrow alleyway with refused errors very steep i can barely keep up the final spreads of hilfiger overlooked ocean navigate parking dogs in so many twists and turns but i have no idea than we are.

boone schaub nick stacy panic smith knicks consultant garcia navarro rio de janeiro fifty three year
"mitchell energy" Discussed on KQED Public Radio

KQED Public Radio

02:07 min | 4 years ago

"mitchell energy" Discussed on KQED Public Radio

"And more water and then had this radical idea cut out the gel entirely and just pump water into the rock plus a little breach to kill the bacteria and a little soap to help the water flow down the types now this was risky the she'll had a lot of clay unit and everyone but if you punched too much water down there the clay would swell up and no gas would come out but if it worked the would be profitable and knicks job would be save so you convince mitchell energy to let him trying so bouts twenty years ago today you were driving up as we are right now to this well to see if you're idea had worked the well is near justin texas it is still running and make remembers the chilly morning in june when he showed up here to track his idea quick named an giant riggs were everywhere but his eyes were glued to one thing pressure gates it would tell him how much natural gases coming into the tight how productive the well would be nick pumped eight hundred thousand gallons of water down the well in brief he waited to see who saw under pressure is going out an open up an open we're excited to the pressure valve was like a modern version of a adventure i guess some the wealth tracked with water was almost twice as productive as the gel for twelve twice is productive and half as expensive the technique was tried annoy wells and the same thing happened i draw like fact game was born twenty years later the us is the biggest oil and natural gas producer on the planet and made us and player on the call boyle market again which we want for hundred years scary son of its is the author of the green and the black he says this moment at this well in central texas had an impact it was almost unimaginable two thousand for a two thousand fourteen about four hundred thousand jobs rabid there's a couple trillion dollars of additional wealth of these reserves that foreign policy when you think about iran and russia and saudi arabia you think about all these kind of big decisions in the middle east these are all now being done without the united states fearing be dependent.

wells producer texas foreign policy saudi arabia united states knicks mitchell nick natural gas boyle iran russia middle east twenty years eight hundred thousand gallons trillion dollars hundred years
"mitchell energy" Discussed on KQED Public Radio

KQED Public Radio

01:52 min | 4 years ago

"mitchell energy" Discussed on KQED Public Radio

"Planet money team got into the oil business they bought unsold a hundred barrels of crude oil following it from a sealed in kansas to someone's gas tech the oil business has changed a lot in the last decade mostly because of tracking or hydraulics fracturing planet money stacy vanek smith tracked down the man who invented tracking as we know it today back in nineteen ninety five knicks steins burger was thirty one he was working for an oil company called mitchell energy and he had just gotten a promotion he was playing charge of an area called the barnett shell it was in central texas and the company had a bunch of natural grass wells there couple months in management called him inferring meeting the barnett was failing it was not an economic venture and will probably we're not going to be doing much longer so a couple of kuntz after you got for voted here they were like we think they're probably gonna shut this down yeah nick was desperate he and his wife had a new baby and nick was worried he lost this job he would not be able to find another one in over the next days you know night hitting house thank you well what can i do well you can become more efficient and cost savings little trends here and there and turn it cost almost a million dollars to drill a well in the barnett channel you to drill down a couple of miles to this incredibly dance rocked the new to blasted apart but this white shall and then collect the natural gas and nick thought he knew just where to train in this process the jell it was made above all of these chemicals and nearly half the cost of drilling a well came from this town so just like a bar might wider down the cocktails to save a little money nick started wandering down the general little more water little less chemical mix just keep done reduced to those who knocked of showed route moment of chemicals or a pumping just making small tweaks every week or two to mix surprise the water down wells produced just as much natural gas as the regular joe wells so they kept adding more wider.

crude oil kansas oil company mitchell energy texas barnett kuntz nick natural gas joe wells knicks drill down hundred barrels million dollars