Investors Handed an Oilman a ‘Blank Check’ Company. Here’s How It Turned Out.

Two years ago, investors handed veteran oilman Jim Hackett a $1 billion check and sent him to seek riches in shale drilling.

Today, the company he founded with their money, Alta Mesa Resources Inc., has a market value of about $43 million and is teetering on financial ruin—one of the more spectacular failures met chasing the next big thing in the American shale boom. Mr. Hackett bet big on an up-and-coming Oklahoma oil field, after early wells there rivaled those of the best oil fields in Texas, but subsequent output has been...

maggieNYT The blue collar worker, however, is doing much better. J

What kind of energy companies...

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The Murdoch’s The DeVos’ The Walton’s How much did they give away to Enron’s teenage daughter?😂 They could never earn my alpha. Its easy to see why the social mobility of capitalism is a fearful thing to them🙄💸 They sqaunder their wealth. They don’t build it.

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Source: CNBC - 🏆 12. / 72 Read more »