The shale oil revolution. Oil and gas guru Tom Petrie explains the new world order and its investment opportunities.
WEALTHTRACK Episode #1506; Originally Broadcast on July 27, 2018
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- Petrie Partners
It’s not often that we get to witness a revolution in an old industry, especially one as critical as energy which powers our cars, homes, businesses, and lives.
Twenty years ago the oil and gas industry in this country was in decline. Production had been falling for years and the theory that oil had peaked, both domestically and globally, was commonly accepted. Then as a terrific feature story in The Wall Street Journal put it, there was “The Texas Well That Started a Revolution”.
In Dish, Texas a young engineer named Nick Steinsberger, working for Mitchell Energy got permission to try a new approach to completing a mile and a half deep well on the Barnett Shale. He called the experiment “my slick-water frack.” According to the Journal “..it was the first commercially successful use of sand, water, and chemicals, pumped into the shale under high pressure to break open the rock and unleash the gas trapped inside. It was the beginning of modern fracking.”
Since the U.S. has once again become an energy powerhouse. Oil production has soared, the U.S is now the world’s number one producer, surpassing Saudi Arabia and Russia. Natural gas production has soared as well, and the U.S. has become a major exporter of liquefied natural gas or LNG.
This week’s guest is a Financial Thought Leader in the energy industry. He is Tom Petrie, Chairman of Petrie Partners, a leading investment banking and consulting boutique to the oil and gas industry. Petrie has been involved in the business for fifty years as a top-ranked Wall Street analyst, investment banker and advisor to energy companies and governments. It’s a career he wrote about in the book, Following Oil: Four Decades of Cycle-Testing Experiences and What They Foretell about U.S. Energy Independence. In a recent report to clients, Petrie stated that a “new oil world outlook” is unfolding. I will ask him to elaborate.
Tom Petrie has another, very different area of expertise – the art of Chares M. Russell. Russell is known for iconic paintings, drawings and sculptures of Native American buffalo hunters, warriors, their families and cowboys of the Old American West. In my EXTRA interview with Petrie, available exclusively on our website, he tells us about Russell’s less well known depictions of western women. It’s now the subject of a book and accompanying exhibit titled “Charles M. Russell: The Women in His Life and Art.”
Thank you so much for watching. Have a great weekend and make the week ahead a profitable and a productive one.
KEEP AN OPEN MIND ABOUT POTENTIAL INVESTMENT OPPORTUNITIES
- Technology, innovation & vision can transform industries that can change our lives
- Looking out for potential game changers can be financially beneficial
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WOMEN IN THE OLD AMERICAN WEST
Charles M. Russell is known for his iconic paintings, drawing, and sculptures of Native American buffalo hunters, warriors, their families and cowboys of the Old American West. Much less well known are his hundreds of depictions of western women. It’s now the subject of a book and accompanying exhibit titled “Charles M. Russell: The Women in His Life and Art.” WealthTrack guest Tom Petrie, a major collector of art of the American West and Chair of the C.M. Russell Museum Board of Directors explains his role in this new area of research.