Featured speaker Chris Wright, CEO of Liberty Resources and Liberty Oilfield Services, with Opportunity Coalition Founder and CEO Brian Watson
To frack or not to frack? That is the question.
Brian Watson began this Opportunity Coalition Speaker Series by relating “a tale of two states” referring to a typical father-son conversation. His dad lives in upstate New York. That state has a 10-year tax abatement to attract businesses. Across the way is Pennsylvania where employers can’t hire fast enough. New York is absolutely against fracking. Pennsylvania embraces fracking and has created tremendous opportunity. The United States has been the No. 1 oil and gas producer in the world – for three years with more than 50 percent from shale. There have been two million fracked wells in the U.S. since 1947.
“Americans are good at building stuff,” Wright said.
Fracking or hydraulic fracturing is massive plumbing two miles underground and all rocks underground are full of water. With fracking to tap oil and gas, the footprint is just one well rather than the old style of several wells. There is one mile of rock between the water and the shale and a steel casing protecting the water table.
Chris Wright, CEO of both Liberty Resources, a Bakken-focused E & P company with unique expertise in well completion and stimulation technologies, and Liberty Oilfield Services which specializes in hydraulic fracturing with North Dakota, Colorado and Wyoming, was the featured speaker.
Wright shared his firsthand account of the inner workings of a Denver-based oil and gas company, captivating and enlightening the audience while addressing the controversial topic of fracking. In addition to sharing technical information and history, he stated he is in favor of tighter regulations and said Colorado was the leader in disclosing fracking fluids.
The U.S., Russia and Saudi Arabia are the highest producers. Iceland, Canada and the U.S. are the biggest consumers. North Dakota is the most fracked and has raised its per capita income from 39th to seventh. Colorado has many resources and could produce thousands more barrels of oil per day. The American Shale Revolution resulting in cheaper energy in the U.S. more than offsets cheaper labor costs in emerging market economies. In Colorado – 110,000 higher paying jobs were created, pumping $29.6 billion into the economy and generating $1.6 billion in tax revenue.
Wright founded Pinnacle Technologies that took a lead role in fracking. He has taught or spoken on six continents, authored or co-authored 60 books or technical papers, has won industry awards and holds U.S. patents. He grew up three miles northeast of the Innovation Pavilion in Centennial, where the meeting was held, and attended Cherry Creek High School. He admits to being a science-geek-turned -entrepreneur and took the name Liberty for his companies because of his passion for those in poverty. He wanted everyone to have a chance.
“Free market policies are more beneficial to the poor,” he said. “If you hire the best people [he has 650 employees], make it a great place to work with freedom – turnover is low.”
Looking back in history, he said the 1840s changed the entire world because of reforms. Corporations grew tenfold. Wright calls Isaac Newton the greatest scientist ever and Albert Einstein, the second. He feels there is plenty of room to get better about the industry’s communication.
“We have been bad at our own PR and need to reach out,” he concluded.
For further information about OC, visit www.opportunity
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