Media
Gas Bags Scare Off Gas Investor
In an interview with CNBC, Larry Nichols, CEO of the highly-successful Devon Energy, claimed his company will not be seeking a share of the Marcellus Shale gas reserves anytime in the near future. The reason he cites? The political war going on over whether and how much to tax and regulate the industry.
The Marcellus shale is certainly an attractive place to be, and we don’t want to diminish that in any way. But when we looked at all the shale plays and where we could grow production the fastest, and grow it with the least amount of political problems, it was not high on our list.
What’s ironic about is that the very company environmentalists are discouraging with “political problems” has been recognized as one of the nation’s top promoters of clean energy and sustainable corporate practices. Devon Energy was even given the DEP’s STAR award for “Rookie of the Year” in 2004 and “Production Partner of the Year” in 2005. They are considered an industry front runner in waste water recycling, and were deemed as one of Fortune Magazine‘s 100 Most Admirable Companies.
So now, not only does Pennsylvania’s poor economic climate cost a job creator, but one of the most environmentally-friendly companies.