EQT Corporation

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

Read time: 10 mins

Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message about shale gas drilling and fracking.

The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Schlotterbeck, who left the helm of EQT last year, continued. “In fact, I'm not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”

West Virginia Gas Companies Wined and Dined Lawmakers Before Scoring Favorable Fracking Legislation

Read time: 9 mins
Wine and dinner

A country club luncheon. A $130 steak dinner. A whiskey tasting. Dinner at an historic neo-Georgian mansion.

These are just a few examples of the many occasions last year when oil and gas lobbyists wined and dined West Virginia state lawmakers on key committees that craft fossil fuel legislation. Lobbyists representing industry players including natural gas giant EQT, Antero Resources, TransCanada, and multiple oil and gas trade associations wooed state lawmakers with thousands of dollars’ worth of food and drink throughout 2017, according to lobbying records obtained by DeSmog.

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