Ohio River Valley

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.”

Will Ohio River Get Optional Pollution Limits as New Fracking-Reliant Plastics Industry Moves in?

Read time: 10 mins
Shell's petrochemical and plastics plant in Potter Township, Pennsylvania

Tomorrow, June 6, in Covington, Kentucky, a routine quarterly meeting of the Ohio River Valley Water Sanitation Commission (ORSANCO), an eight-state compact responsible for setting water pollution control standards for the 981-mile Ohio River, is expected to fall under unusual scrutiny from both industry and environmentalists.

ORSANCO is considering a proposal to make its water pollution standards — designed to coordinate pollution rules the length of the river — voluntary amid a brewing battle over the fate of a river that’s both the source of drinking water for 5 million people and central to the petrochemical industry’s plans for a new fossil-fueled plastics manufacturing network.

Subscribe to Ohio River Valley