Commodities & Metals
The Legacy of Fracking Pioneer George Mitchell
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The founder and CEO of the company, George Mitchell, died last week at the age of 94 of natural causes. Mitchell sold his company to Devon Energy Corp. (NYSE: DVN) for $3.5 billion in 2002. The rest, as they say, is history.
More precisely, the still-controversial fracking technique, which is now applied to oil deposits as well, has changed the face of the energy industry. The United States is producing more crude oil now than it has in more than 20 years. There are even some projections that the United States may overtake Saudi Arabia or Russia as the world’s largest producer. “Saudi America” is the outcome of Mitchell’s first experiments with fracking, and one does not need to be an oilman to be impressed with his impact on world energy.
Mitchell also signed the Giving Pledge sponsored by Warren Buffett and Bill and Melinda Gates, indicating his intention to leave the bulk of his personal fortune of an estimated $2 billion to charity.
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