Presentation focuses on financial stability of fracking industry
Dozens of concerned citizens gathered at the Butler Public Library Saturday to hear a presentation regarding the financial threat to the fracking industry.
The presentation was made by John Detwiler, of Pittsburgh, and was hosted by Marcellus Outreach Butler, discussing the “precarious finances of the fracking industry” and the challenges the industry faces.
Detwiler, a registered professional engineer and a former faculty member at Carnegie Mellon University has worked as a business executive and a strategic consultant across a wide range of industries, including natural gas and electric power, as well as health care, banking, and local government, according to Marcellus Outreach Butler.
His presentation follows in the footsteps of Rex Energy's recent bankruptcy filing, with plans to begin selling off its remaining assets over the next few months.
Rex is headquartered in State College with leases and shale wells throughout Butler County. Founded in 2007, it has offices in Cranberry Township, with more than 75 percent of its gas well permits issued by the Pennsylvania Department of Environmental Protection in Butler County.
In Western Pennsylvania, Rex Energy's bankruptcy filing has drawn new attention to the precarious finances of the fracking industry, according to Marcellus Outreach Butler.
Detwiler spoke about the hundreds of billions of dollars that investors will never recover, what keeps this industry going despite those staggering losses, and “what happens when the music finally stops.”
Detwiler said the industry's “insatiable” need for capital is one thing driving businesses to the brink.
Read more about the presentation in the Butler Eagle.
