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Stock impact report

Meet The Bronx-Born Billionaire Exporting America’s Shale Gas Bonanza [Forbes]

ConocoPhillips (COP) 
Last conocophillips earnings: 4/30 07:00 am Check Earnings Report
Company Research Source: Forbes
Shale Gas Billionaire: Michael Smith at his massive LNG operation on Quintana Island, Texas, which is now shipping out more than 2% of the United States’ natural-gas production. “It’s my baby,” he says.Matthew Mahon for ForbesHow Michael S. Smith salvaged a wrong-way bet on fracking by building a $14 billion plant in Texas to ship gas around the globe.Smith has made his own historic mark on the island. Having spent $14 billion, he now owns a controlling interest in Freeport LNG, which chills and exports 2 billion cubic feet of natural gas per day, most of it so-called shale gas, horizontally drilled, hydraulically fracked. At current market prices that daily output is worth some $14 million, on which Freeport collects about $5 million a day in tolling revenue. “We are taking clean American natural gas, adding tremendous value and exporting it to countries that do not have enough energy and would otherwise be burning dirty coal,” he says.Since becoming operational in September 2019, Fr Show less Read more
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